News & Feeds March 5, 2022

China Sets Lowest GDP Growth Target in More Than Three Decades

hina’s government set its lowest economic growth target in more than 30 years, a sign the housing slump, stringent Covid controls and global risks will continue to curb demand. Beijing will target gross domestic product growth of around 5.5% this year, according to a prepared speech by Premier Li Keqiang at the opening of the National People’s Congress. Most economists surveyed by Bloomberg predicted the government would set a range of 5%-5.5%. Policy makers are aiming to narrow the budget deficit to 2.8% of GDP this year from last year’s target of around 3.2%. They’re also aiming to add more than 11 million