China sets 5% growth target to boost economic recovery | national and international economy

China will target growth of “around 5 percent” by 2023, a level at which President Xi Jinping is seeking to restore pre-pandemic levels of growth. This is a lower target than last year’s 5.5%, although they confirmed from Beijing that with this they seek to “prioritize economic stability”.

However, the figure is higher than the 3% achieved by the Asian giant’s economy in 2022, progress weighed down by three years of restrictions due to Covid-19 and weak exports. The Chinese executive expects inflation to be around 3% this year, a similar prediction to the previous year’s forecast, although China finally closed out 2022 with inflation of 2%.

During the annual meeting of the National People’s Congress, China’s highest legislative body, it was agreed to increase defense spending and pursue unification with Taiwan or adhere to an “independent” foreign policy. On defense matters, it was agreed to increase spending by 7.2% for 2023, the fastest pace since 2019, all of this amid rising tensions on the island of Taiwan and with the United States.

“Governments at all levels should firmly support the development of national defense and the armed forces, and carry out extensive activities to enhance mutual support between the civilian sectors and the military,” Prime Minister Li Keqiang said during his speech at the legislative session.

The defense spending announcement comes after Chinese President Xi Jinping declared that he would create a “world power” by 2027, a time frame coinciding with the centenary of the founding of the People’s Liberation Army. In addition, it coincides with a time of heightened tensions between Washington and Beijing, mainly due to US support for the island of Taiwan and the recent collapse of an alleged spy balloon over US soil.

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