China has Set an Economic Growth Target of 5% by 2023, The Lowest in Decades

World News

Beijing: China on Sunday announced one of its lowest economic growth targets in years and started parliamentary sessions aimed at giving Xi Jinping a third term as president and approving an increase in government spending.

In its opening report, the Chinese government said it was targeting economic growth of “around 5 percent” for the coming year, one of the weakest in decades. 

China's Annual National People's Congress opened in Beijing | Creditor : THOMAS PETER 

China posted growth of just 3% last year, well above its stated target of around 5.5%, as the economy was weighed down by China's tough Covid-19-related lockdown measures and the housing crisis.

"Under the strong leadership of the Party Central Committee, we have carried out the response to Covid-19 and advanced economic and social development in an efficient and well-coordinated manner," government report presented by outgoing Premier Li Keqiang at the opening of the ha said the National People's Congress on Sunday.

"We have overcome major difficulties and challenges and managed to maintain generally stable economic performance," he added.

Analysts say there will be few surprises at the carefully orchestrated National People's Congress, as thousands of politicians have traveled from across China to vote on laws and personnel changes pre-approved by the ruling Communist Party (CCP).

The high point of the PA's agenda will be Xi's reappointment as president on Friday after he stalled for another five years as party and military leader two of China's most important leadership positions in Chinese politics at a convention in October.

Since then, Xi's 69-year-old leadership has faced unexpected challenges and trials, including mass protests against his zero-Covid policy and subsequent abandonment that unleashed a deadly coronavirus wave. .

But such questions will almost certainly be avoided at the conclave in Beijing this week, which will also unveil Xi's new prime minister and former party leader in Shanghai.

Creditor : East Asia forum

Creditor : CGTN

No Challengers 

Xi enjoys a "fairly strong" position at the top of the party, making him virtually unbeatable, Alfred Muluan Wu, an associate professor at the Lee Kuan Yew School of Public Policy at National Peking University, told AFP Singapore.

Steve Tsang, director of the SOAS China Institute at the University of London, said Xi now has an opportunity to show his response to the pressure of last year's unrest.

“He acted decisively when protests included demands for him and the CCP to quit. He removed them and eliminated the cause," he told AFP news agency.

“He can present himself as a leader instead of having to react."

Also on lawmakers' agenda are slowing China's economy and increasing its defense budget, the second largest in the world.

According to official media, the delegates to the PNA and the parallel Political Consultative Conference (Cpcpc), which began on Saturday will also discuss a range of issues ranging from economic recovery to improving sex education in schools. The meetings serve as a forum for participants to present national projects, but have little to say on broader Chinese governance issues.