The mock parliament began its session on Sunday.
(Photo: IMAGO/Xinhua)
Actually, 2023 should be the big year of recovery for the Chinese economy. Because it was only in December last year that the Covid restrictions, which had paralyzed the economy, were lifted. For a year to catch up, Prime Minister Le Keqiang’s growth target of “around five percent” announced on Sunday seems modest by Chinese standards. Especially since the government wants to be more active in stabilizing and boosting the economy with higher debt this year.
Yes, compared to the US and Europe, five percent growth is still a lot. And yes, the leadership in Beijing may have planned conservatively so that the new government can surprise at the end of the year. Nevertheless, it is clear that the times when the Chinese economy grew significantly in self-driving mode are over.
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