China has set its target for GDP growth at 5%, in line with analysts’ expectations for another year of historically modest ambitions for the economy, amid regional tensions and its demographic crisis. In a draft version, the government work report spoke of “intensifying geopolitical conflicts” as being one of the negative pressures on China’s economy. According to official statistics, China’s GDP grew by 5.2% in 2023. The International Monetary Fund predicts that China’s economy will grow by 4.6% this year. Enodo Economics, a macroeconomic forecasting firm, said: “the GDP goal has decreased in importance in recent years”.

Source: The Guardian March 05, 2024 20:42 UTC