Update: China Sets 2023 GDP Growth Target at Around 5%

China has set its 2023 GDP growth target at around 5%, Premier Li Keqiang said Sunday at the key annual political gatherings known as the “Two Sessions,” as the country gears up to get its slowing economy back on track after three years of “zero Covid.”

Li announced the target as he delivered his government work report at the National People’s Congress, the country’s top legislature. The goal is in line with market estimates for full-year GDP growth of between 4.8% to 5.6% and reflects top leaders’ emphasis on a steady expansion.