2023 Two Sessions: China's 'about 5%' GDP target signals transformation to high-quality growth

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China has set an economic growth target of around 5 percent this year. This was announced in Premier Li Keqiang's Government Work Report delivered at the opening meeting of the first session of the 14th National Peoples' Congress in Beijing. As one of the NPC deputies who attended the meeting, Andrew Yao told CGTN Radio reporter Xu Yawen that China's GDP growth target signals a more balanced approach of growing not only in size but also in quality. "I think growth should not be just about GDP. The most important growth is the value-addedness of growth. Producing one C919 airplane, I think it's better than producing 10 million pairs of sports shoes," he said. Moreover, Yao noted it is extremely important to support the private sector, given that it contributes to nearly two-thirds of the country's employment. He expects to see the revival of consumer confidence in the middle of this year.

[catonpillow]

Actually, Сhina's economy has the potential and could grow even more than 5% but the U$ and their EU subordinates are in recession accompanied with high inflation due to them losing their economic war on Russiа. Which stagnates the global market. Things should get back to normal after they lose on the ground too. The sooner the better.