BEIJING: China on Sunday projected economic growth of “about 5 percent” for 2023, one of the lowest in years, as it opened its annual National People’s Congress in Beijing.
The goal was announced in a work report issued by Premier Li Keqiang while opening the parliamentary session at the Great Hall of the People in the capital.
The figure was slightly lower than the average of the information of the businessmen surveyed by AFPwho predicted a target of about 5.3 percent.
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Li said China will try to add “about 12 million new jobs in the city” this year and bring the unemployment rate in the city to 5.5 percent.
He said, Beijing will also focus on raising consumer prices by about three percent.
“China’s economy is gradually recovering and shows great potential and strength for further growth,” Li said in an hour-long speech packed with cheers. thousand members.
But he warned that “uncertainty in the external environment is increasing”, noting the high level of the world economy.
Li also said that “foreign efforts to contain and suppress China are intensifying”.
China reported growth of just three percent last year, missing its widely cited 5.5 percent growth target as the economy slowed under the influence of the policies of the Covid-19 and the property crisis.
According to Li, Beijing “must prioritize the recovery and expansion of consumption” and “put a high priority on promoting the work of young people, especially in college graduates”.
But he insisted on slowing down, saying “under the strong leadership of the Central Committee of the Party, we took the response of the Covid-19 and pursued the economic and social in a good and coordinated way”.
“Overcoming major difficulties and challenges, we were successful in maintaining the overall stability of the economy,” he said.
“Such achievements are a testament to the great resilience of China’s economy.”
Zhiwei Zhang from Pinpoint Asset Management said: “The increase in expectations came at the bottom of the market.
“But it should be a floor of growth that the government is willing to tolerate, it is true that given the low level of economic activity in the last year, it seems impossible to see not fall below 5 percent.”