China set a modest economic growth target of around 5% for the year, a sign the nation's top leaders are still concerned about the recovery, given weak consumer confidence, declining exports and a housing market still under pressure.
Premier Li Keqiang announced the goal for gross domestic product in his final government work report to the National People's Congress-the annual parliamentary gathering-on Sunday. Economists had projected a target of higher than 5%.
The GDP target compares to last year's goal of around 5.5%, which China missed by a large margin after covid outbreaks and restrictions, as well as the property crisis, dragged growth down to just 3%. The median consensus is for the economy to expand 5.3% this year.
The growth target is a key indication of how China's leaders will shape policy for 2023 now that the country has abandoned its zero-tolerance approach to covid and is working to restore confidence in the economy. Investors are watching for signs authorities will shift their stance on fiscal and monetary stimulus, which in turn could have implications for global commodity prices and growth.
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