China Sets Year's Economic Growth Target 'Around 5%'
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Loading... - Atiqah Rahim
- 06 Mar 2023
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China's government announced plans to promote a consumer-led revival of the nation’s struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping's control over business and society.
Premier Li Keqiang, the top economic official, set this year's official growth target "around 5%" following the end of anti-virus controls that kept millions of people at home and triggered protests. Growth last year fell to 3%, the second-weakest level since at least the 1970s.
"We should give priority to the recovery and expansion of consumption," Li said in a nationally televised speech on government plans before the ceremonial National People's Congress in the Great Hall of the People in central Beijing.
The full meeting of the 2,977 members of the NPC is the year's highest-profile event but its work is limited to endorsing decisions made by the ruling Communist Party and showcasing official initiatives.
This month, the NPC is set to endorse the appointment of a government of Xi loyalists including a new premier after the 69-year-old president expanded his status as China's most powerful figure in decades by awarding himself a third five-year term as party general secretary in October, possibly preparing to become leader for life. Li, an advocate of free enterprise, was forced out as the No. 2 party leader in October.
Xi's new leadership team will face challenges ranging from weak global demand for exports and lingering U.S. tariff hikes in a feud over technology and security to curbs on access to Western processor chips because of security fears. Beijing's relations with Washington and its Asian neighbors have been strained by disputes over technology, security and control of the South China Sea.
In his report Sunday, the premier called for accelerating industrial and technology development, an area in which Beijing's state-led efforts have strained relations with Washington and other trading partners. They complain China steals or pressures foreign companies to hand over technology and improperly subsidizes and shields its fledgling competitors in violation of its market-opening commitments.
Xi earlier singled out encouraging jittery consumers and entrepreneurs to spend and invest as a priority at the ruling party's economic planning meeting in December.
Beijing needs to "fully release consumption potential," Xi said, according to a text released last month. Read More…
