China has set an official economic growth target of 'around 5 per cent' for 2023, as it seeks to revive the world's second-largest economy after a year of tepid growth because of pandemic measures. 9News
Official data released Wednesday showed China's factories
Analysts had predicted a difficult track to recovery for China amid global headwinds, which may have also been reflected in the conservative 2023 target of "around 5 per cent" announced Sunday.as rising interest rates and Russia's war in Ukraine continue to weigh on activity, the International Monetary Fund estimated in January. Global growth will likely slow from 3.4 per cent in 2022 to 2.9 per cent in 2023.
The new economic team will face the tough task of reviving the Chinese economy as it navigates a growing array of challenges, including sluggish consumption, rising unemployment, a historic downturn in real estate, and increasing tension with the United States over technology sanctions.
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