SINGAPORE/HONG KONG : China's parliament has set what analysts said was a conservative growth target for 2023, leaving investors relieved policymakers were aware of the multiple headwinds the economy faces and yet focused on longer term priorities.Even as China recovers from COVID-19 disruption, weaker d
SINGAPORE/HONG KONG : China's parliament has set what analysts said was a conservative growth target for 2023, leaving investors relieved policymakers were aware of the multiple headwinds the economy faces and yet focused on longer term priorities.
Opening the annual session of the NPC on Sunday, outgoing Premier Li Keqiang stressed the need for economic stability and expanding consumption in his work report, and set a budget deficit target of 3.0 per cent of gross domestic product , wider than a goal of about 2.8 per cent last year. Details were sparse in Li's speech, disappointing investors who had hoped for some explicit mention of stimulus for consumers hard-hit by three years of COVID lockdowns.
Analysts at Morgan Stanley said China's recovery was"self-sustaining" and retained an above-consensus forecast of 5.7 per cent growth for 2023. "Given that this is the year of government leadership transition, the NPC Government Work Report was relatively brief in describing this year's policy measures, likely leaving the details for the new government," said UBS' Wang.
"While the fiscal spending may be modest, we would need to bear in mind that the central government has a policy arsenal of tools at its disposal if there is a need to provide more support for the economy."
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