China’s GDP growth target of roughly 5% for 2023 was lower than last year’s target and lower than the average forecast from a cross-section of economic experts.
of “around 5%” for 2023, lower than last year’s target of 5.5% and also lower than the average forecast of 5.24% by a cross-section of economic experts.
Oil prices have also come under pressure as investors cautiously await U.S. Federal Reserve Chair Jerome Powell's testimony this week.Crude remains in a tug-of-war between optimism over Chinese reopening and nervousness over a hawkish Fed hurting the U.S.
According to Bloomberg Economics, the government’s spending plans will widen the budget deficit, including local government bonds, to 5.9%, compared to 5.8% of GDP in 2022, which is higher than expected. But China is not the only guilty party when it comes to expanding the production of the dirtiest fossil fuel at a time when the world is desperately trying to achieve climate goals. After all, the global coal sector has seen a major resurgence after Russia invaded Ukraine: according to a report by the Observer Research Foundation, energy supply disruptions triggered by Russia’s war on Ukraine left
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