Outgoing Premier Li Keqiang says it was essential to prioritize economic stability
China set a modest target for economic growth this year of around 5%, according to a government work report on Sunday, as the National People’s Congress kicked-off its annual parliamentary session.
China’s gross domestic product grew by just 3% last year, one of its worst showings in decades, squeezed by three years of COVID-19 restrictions, crisis in its vast property sector, a crackdown on private enterprise and weakening demand for Chinese exports. This year’s parliamentary session will implement the biggest government shake-up in a decade as Beijing confronts a host of challenges and looks to revive its COVID-battered economy.
During the NPC, former Shanghai party chief Li Qiang, a longtime Xi ally, is expected to be confirmed as premier, tasked with reinvigorating the world’s second-largest economy.
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