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World Business Report: First broadcast 06/03/2023 22:32 GMT : China's economic growth is on hold

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China's economic growth is on hold

First broadcast 06/03/2023 22:32 GMT 

First broadcast 06/03/2023 22:32 GMT : China's economic growth is on hold

BBC World Service - World Business Report, China's economic growth is on hold

China surprised with the lowest growth target for the last 30 years.

China sets a 5% growth target to drive economic recovery which is below last year's goal 5,5%.

We are looking close at the National People's Congress (NPC), a rubber-stamp parliament, which is due to confirm President Xi Jinping's third term.

The 'Two Sessions' as they are known, are the annual meetings of the National People's Congress and the Chinese People's Political Consultative Committee. From a business and economics point of view, it's where the big decisions are rubber-stamped.

It's where Xi Jinping will be officially elected President, as we've just heard the new Premier - Li Qiang - will also be unveiled, and there's been an increase in military spending by more than 7%. From a World Business Report point of view, though, the crucial announcement that caught our eye was a 5% growth target for the next year. That's China's lowest target for more than three decades.

(Picture: The Great Hall of the People,Beijing,China. Picture Credit: Getty Images)

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First broadcast 06/03/2023 22:32 GMT : China's economic growth is on hold

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