China's modest growth goals suggest its economy may continue to weigh on global GDP this year. The country's legislature set the target for 2023 GDP growth at 'around 5%.'
, suggesting investors had expected a stronger commitment from policymakers to use traditional tools like big spending on infrastructure projects to boost growth."The fact that policymakers missed the 'around 5.5%' growth target in 2022 might be one consideration behind the relatively unambitious growth target this year," Goldman Sachs analysts wrote.
"Non-boom China growth won’t be enough to keep the global economy from sliding into recession this year," Piper Sandler analysts wrote. "The growth target suggests the authorities will not go hell-for-leather to boost the economy after a long period of weakness during the zero-COVID policy era," Capital Economics analysts wrote.
This week's National People's Congress marks the departure of Premier Li Keqiang, a pro-market technocrat who was China's top economic official for the last decade. Li Qiang, the former Communist party secretary of Shanghai best known for his close ties to Xi, is expected to succeed him. He's just one of a number of new faces XiChina is in a period of flux, as geopolitical tensions with the West, domestic economic issues — like the struggling housing market — and declining demographics act as stiff headwinds to
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