China’s low economic growth target is in line with a global slowdown, and is a natural progression as the world’s second largest economy matures, analysts said.
, soaring inflation, higher interest rates, reduced investments, and disruptions caused by the COVID-19 pandemic, observers said.
Mr Xie said rising geopolitical tensions, which “will continue to keep the pressure on the overall recovery of the Chinese growth” is another reason for China’s conservative outlook.that have been added to the United State’s “entity list” – a move by the US government which makes it difficult for these businesses to obtain US tech exports.– one of its weakest performances in decades and far below a projected 5.
“Looking at the Chinese government’s work report, domestic demand is at the top of China’s priority,” said Mr Xie, adding that automobile, smart technology and sustainability industries are expected to do well this year. China has set a 5.5 per cent unemployment rate, and lowered inflation forecast for the year from 3 per cent to 2.5 per cent.will outpace its economic growth, and analysts expect this trend to continue as it ramps up its defence capacities.
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