Exclusive: China is becoming increasingly ambitious with its 2023 growth target, aiming potentially as high as 6%, in a bid to boost investor and consumer confidence and build on a promising post-pandemic recovery
"This year's growth target could be 5-6%," said one of the people involved in the discussions. "We need to achieve an economic recovery, boost employment, and confidence, these are the key factors we need to consider."
To spur growth, the government is expected to widen its annual budget deficit to around 3% of gross domestic product this year and issue about 4 trillion yuan in special bonds to support investment spending, they said. It was also the biggest ever miss of a growth target. China previously only had narrow misses during the Asian financial crisis in the late 1990s and during a currency crisis in 2014-15.
On March 5, outgoing Premier Li Keqiang is due to deliver the 2023 government work report, which includes key economic goals and policy priorities.
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