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June 28, 2025
Asia Pacific China Economic policy Li Keqiang news Xi Jinping

China sets modest economic targets as it seeks to bounce back from Covid woes

China sets modest economic targets as it seeks to bounce back from Covid woes

At the opening of the Communist party’s National People’s Congress, outgoing premier Li Keqiang confirmed a further rise in defence spending as well

China has set a target of 5% GDP growth in 2023, its outgoing premier has said in a speech to the ruling party’s rubber-stamp parliament – a goal that is at the lower end of analysts’ expectations and follows a 2022 figure that came in far below target.

The “work report” speech on Sunday also touched on foreign affairs and re-emphasised the Chinese Communist party’s (CCP’s) aim to annex Taiwan. Budget papers confirmed another consecutive rise in defence spending of 7.2%, slightly up on last year’s rise of 7.1%.

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