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Business Matters: China's economy slows down

China's economy slows down

07/03/2023 GMT

BBC World Service - Business Matters, China's economy slows down

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: Great Hall of the People and Tiananmen Square. Picture Credit: Getty Images)

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