China has set an economic growth target of 4.5-5% this year, the lowest target since 1991.
This is reported by the BBC.
The figure was released during the countryʼs largest annual political gathering, where Chinaʼs leadership sets key economic and political priorities. The government did not set a target at all in 2020 due to the COVID-19 pandemic.
Details of the goal and economic targets are contained in a report presented by Chinese Premier Li Keqiang. The full text of the new five-year economic development plan to 2030 is expected to be approved by delegates at the end of the meeting.
Li said the government plans to invest in innovation, high-tech industries and scientific research, as well as stimulate domestic consumption. Beijing fears that weak domestic demand is making the economy too dependent on exports.
The report also envisioned over 100 major projects in the fields of science and technology, transportation, and energy, which are expected to expand the countryʼs industrial potential.
- The Chinese government is trying to rebuild its economy amid several challenges: weak consumption, demographic decline, a housing market crisis, global trade tensions, and energy risks.
For more news and in-depth stories from Ukraine, please follow us on X.