China sets economic growth target of 5% in 2023

GDP

China's National People's Congress (NPC) has set a target of approximately 5 percent for the Gross Domestic Product (GDP) as announced in the 2023 Government Work Report (GWR).

The report outlines China's comprehensive economic and development tasks for the upcoming year, providing insights into the country's strategies to achieve these objectives.

In a deliberate shift towards high-quality growth and sustainable development, China aims to attain economic stability through its GDP growth target of "around 5 percent" for 2023. This target indicates a focused effort to prioritise long-term economic health and reliable progress.

Furthermore, the GWR also sets an ambitious goal of generating approximately 12 million urban jobs this year, surpassing the previous year's benchmark of at least 11 million. By prioritising job creation, China aims to support its growing population and foster employment opportunities across various sectors.

According to China's National Bureau of Statistics, the GDP experienced a growth rate of 4.5% in the first quarter of 2023, marking the highest growth since the first quarter of the previous year when the economy expanded by 4.8%. This growth is particularly significant as China emerges from the shadows of strict COVID-19 restrictions, which had been in place for almost three years. Notably, the economy had expanded by 2.9% in the fourth quarter of 2022.