Saudi Press

Saudi Arabia and the world
Tuesday, Jun 24, 2025

China lowers economic growth targets to 5% for 2023  

China lowers economic growth targets to 5% for 2023  

China set one of the lowest economic growth targets in decades of 5 percent for the year 2023, Premier Li Keqiang announced during China’s annual National People's Congress in Beijing.
This is lower than the average forecasts set by economists surveyed by Agence France-Presse who predicted at least 5.5 percent growth.

China set an economic growth target of around 5.5 percent for the last year but missed its targets with around 2.8 percent deficit.

This comes as the nation’s top leaders are trying to avoid large stimulus to boost recovery in a post-pandemic market that is weighed down by weak business confidence and uncertainty in the property market.

“Because the COVID policy has been adjusted, there’s no urgency for them (China) to run another round of big economic stimulus,” Zhang Zhiwei, chief economist at Pinpoint Asset Management Ltd, said.

“Indeed, given the very low base of economic activities last year, it is unlikely to see growth drop below 5 percent,” Zhiwei added.

Keqiang said that Beijing would target a rise in its consumer price index of around 3 percent and warns of uncertainties in external factors.

“China’s economy is staging a steady recovery and demonstrating vast potential and momentum for further growth,” said Keqiang during the congress.

The government has targeted adding 12 million new urban employment jobs for this year, up from last year's 11 million target.

Keqiang added that Beijing should give priority to recovery and expansion of consumption in addition to promoting employment of youth and college graduates.

The country will also boost its defense spending by 7.2 percent this year as well as aim for peaceful reunification with Taiwan.

Keqiang said that boosting domestic demand would be the government’s top priority this year, while imports and exports would steadily increase.

“China’s economy is staging a steady recovery and demonstrating vast potential and momentum for further growth. Under the strong leadership of the Party Central Committee, we carried out the Covid-19 response and pursued economic and social development in an effective and well-coordinated way,” Keqiang added.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
×