Xi Jinping Sets Modest Economic Growth Goal for China's Future
China's government has announced a GDP growth target below 5% for the first time in decades, signaling a shift in economic priorities under President Xi Jinping.
Beijing - In a significant shift from past economic policies, China's government has set its annual GDP growth target at less than 5% for 2023, the first time in decades the country has aimed so low. The announcement, made by Premier Li Keqiang during the opening of the National People's Congress, marks a major strategic pivot under President Xi Jinping as China navigates a challenging global landscape.
For years, China has pursued rapid, double-digit growth, lifting hundreds of millions out of poverty and transforming the country into the world's second-largest economy. However, Xi's administration now appears focused on the quality of growth over sheer quantity, emphasizing sustainability, innovation, and social welfare over pure output figures.
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Source: The New York Times
