China sets GDP target of ‘around 5%’ for 2023

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China’s economy is expected to grow by more than 5% this year.

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BEIJING – China has set a growth target of “around 5%” for 2023, according to Premier Li Keqiang’s government work report released on Sunday.

The report was released at the opening of the National People’s Congress, part of the annual “Two Sessions” parliamentary meeting.

Analysts generally expected China to post a GDP target above 5% for 2023. The average forecast for growth is 5.24%, according to a CNBC analysis.

China’s GDP rose only 3% last year in a rare miss on the national target.

The country had set a target of around 5.5% growth for 2022. But Covid restrictions, including a two-month lockdown of Shanghai, and a real estate slump have slowed growth.

This year, the Two Sessions are also set to formalize government titles for the new chief executive, deputy chiefs and heads of various ministries.

This year’s National People’s Congress is expected to end on March 13.

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