China Expected to Set GDP Growth Target of Around 5% at ‘Two Sessions’

Last year, China logged its second-lowest growth rate at 3% in more than four decades, missing the government target of around 5.5%. Photo: VCG

China is expected to announce a GDP growth target of around 5%, along with pro-growth but prudent macroeconomic policies, during the “Two Sessions” on Sunday, analysts with domestic and overseas financial institutions said.

Policymakers have sent strong signals that they will prioritize stabilizing growth this year, which, along with the pivot from stringent Covid controls, has prompted the International Monetary Fund and a number of global financial institutions to raise their 2023 growth forecasts for China, mostly putting the rate at 4.8% to 5.6%.

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