*CHINA SETS GDP GROWTH TARGET OF 'AROUND 5%' FOR 2023, THE LOWEST IN HISTORY - 🇨🇳🇨🇳
BEIJING -China set a modest target for economic growth this year of around 5% on Sunday as it kicked off the annual session of its National People's Congress , which is poised to implement the biggest government shake-up in a decade.
"At home, the foundation for stable growth needs to be consolidated, insufficient demand remains a pronounced problem, and the expectations of private investors and businesses are unstable," he said. The lower target is more achievable, he said, and"recognises that the Chinese economy will be dealing with significant economic headwinds this year".
The 67-year-old Li and a slate of more reform-oriented policy officials are set to retire during the congress, making way for loyalists to President Xi Jinping, who further tightened his grip on power when he secured a precedent-breaking third leadership term at October's Communist Party Congress. On Taiwan, Li struck a moderate tone, saying China should promote the peaceful development of cross-Strait relations and advance the process of China's"peaceful reunification", but also take resolute steps to oppose Taiwan independence.
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