China targets economic growth of around 5% in 2023
China set a growth target of “around 5%” for 2023, according to Premier Li Keqiang’s government work report released on Sunday.
China targets economic growth of around 5% in 2023
The Economics of Geography

China targets economic growth of around 5% in 2023

Photo: iStock
Eurasia 08/03/2023 08:00

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

China aims to expand its economy by around 5 percent in 2023, according to a government work report submitted Sunday to the national legislature for deliberation, China Daily reported.

The country will enhance the intensity and effectiveness of its proactive fiscal policy in 2023, said the report delivered by Premier Li Keqiang on behalf of the State Council.

China should do more to implement a prudent monetary policy in a targeted way this year, the report said. Consumer demand, market distribution, industrial production and business expectations have all markedly improved in China, the report said, adding that the economy is demonstrating vast potential and momentum for further growth.
President Xi Jinping and Prime Minister Li Keqiang (Photo: AFP/Noel Celis)

Efforts to attract, utilise foreign investment

China will intensify efforts to attract and utilise foreign investment, the government work report said. The country will expand market access, continue to open up the modern services sector, ensure national treatment for foreign-funded companies, improve services for foreign-funded companies and facilitate the launch of landmark foreign-funded projects, it said.
Prime Minister Li Keqiang's speech (Photo: AFP/Jade Gado)
China will take active steps to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and other high-standard economic and trade agreements, and steadily expand institutional opening up by proactively adopting relevant rules, regulations, management and standards, the report added.

China should keep the RMB exchange rate generally stable at an adaptive, balanced level in 2023, it added.

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