China’s economic growth target for this year is around 5%, in line with last year’s performance despite forecasts for a slowdown. Chinese Premier Li Qiang announced the plans Tuesday before the National People’s Congress. The ruling Communist Party has said it is prioritizing efforts to encourage consumer spending to help drive the economy. Last year, the economy grew at a 5.2% pace, but that was after a very slow 3% annual growth rate in 2022, when the country was enduring the worst disruptions from the COVID-19 pandemic. The consumer-led recovery hoped for after the end of anti-virus controls that kept millions of people at home has faltered, and Li said Beijing would seek “new drivers of development.”
