Chinese premier Li Keqiang has stated that the target for China’s GDP growth in 2023 has been set at five percent, 0.5 percentage points lower than the target for 2022.
Cai Chang, professor at the school of Finance and Taxation at the Central University of Finance and Economics in Beijing said China may exceed this target by the end of this year based on the momentum of China’s economic recovery since the beginning of the current year, while the government chose to set a more robust and objective goal for 2023 when considering that China’s post-pandemic recovery may take time. Consumption is crucial in 2023, he said, while the real estate industry will continue to play a key role as it is very important for economic development.
