China has set its economic growth target for this year at around 5%.

According to Reuters on the 5th, the growth target was included in the work report of the National People's Congress (the country's legislature), which opens at 9 a.m. (local time) today.

China has been setting the same level of target for the third consecutive year since 2023. It achieved growth rates of 5.2% and 5.0% in 2023 and 2024, respectively.

Additionally, China has set its consumer price index (CPI) target at 2%, which is below 3% for the first time since 2004. This is the lowest target in 20 years. This is interpreted as an acknowledgment by the Chinese government of weakening demand.

The National People's Congress of China is held on Nov. 5 at the Great Hall of the People in Beijing./Courtesy of Lee Yoon-jeong
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