China plans “around five percent” growth – People’s Congress opens

Beijing According to the ideas of China’s government, the world’s second largest economy should grow by around five percent in the current year. That said outgoing Premier Li Keqiang at the opening of the People’s Congress in Beijing. Experts had expected a more ambitious goal.

The government expects a significant recovery after the abrupt end of the zero-Covid policy. However, in his work report to the almost 3,000 MPs, Li pointed out numerous risks, for example in the real estate market and in the financial industry, as well as through “suppression and containment from outside”. Even if the USA was not mentioned by name, the strict American tech export restrictions should be meant in particular.

Economic stability has “priority” this year, Li emphasized. A recovery in domestic consumption plays a special role. To do this, you have to “strongly strengthen the confidence of the market”. This should also attract foreign investment.