China has set a modest target for economic growth of around 5% this year as it begins the annual session of its National People’s Congress (NPC) on Sunday, poised to implement the biggest government shake-up in a decade.
The economy delivered one of its weakest performances in decades last year, when gross domestic product (GDP) grew just 3%, squeezed by three years of COVID restrictions, a crisis in the broader property sector and a crackdown on private enterprise.
In his work report, outgoing Premier Li Keqiang stressed the need for economic stability and expanding consumption, set a target of creating around 12 million urban jobs this year, up from last year’s target of at least 11 million, and warned that risks remain. Real estate sector.
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