China sets GDP target of ‘around 5%’ for 2023

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China’s economy is widely expected to grow by more than 5% this year.

Vcg | Visual China Group | Getty Images

BEIJING — China set a growth target of “around 5%” for 2023, according to Premier Li Keqiang’s government work report released Sunday.

The report was released at the opening of the National People’s Congress, part of the annual “Two Sessions” parliamentary meeting.

Analysts generally expected China to set a GDP target of above 5% for 2023. The average forecast for growth is 5.24%, according to CNBC analysis.

China’s GDP only rose by 3% last year in a rare miss of the national goal.

The country had set a target of around 5.5% growth for 2022. But Covid controls, including the two-month lockdown of Shanghai, and the real estate slump dragged down growth.

This year, the Two Sessions is also set to formalize government titles for the new premier, vice premiers and heads of different ministries.

This year’s National People’s Congress is set to end on March 13.

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