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China sticks to economic growth target of 'around 5%' despite a looming trade war

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The Chinese government unveiled an annual economic growth target of "around 5%" on Wednesday, despite the possible negative impact of a looming trade war with the United States, and pledged to address what it called "inadequate" consumer spending at home.
China has reaffirmed its commitment to achieving an economic growth target of around 5% for the year, despite the looming threat of a trade war with the United States. This decision was highlighted during the National People's Congress, where the government outlined its economic strategy amidst global economic uncertainties. The target is seen as ambitious given the challenges such as weak consumer spending, a property market slump, and high youth unemployment. Additionally, tensions with the U.S. over trade, technology, and geopolitical issues could further complicate China's economic landscape. To meet this goal, China plans to boost domestic demand, support the private sector, and manage risks in key areas like real estate and local government debt, while also focusing on technological self-reliance and opening up its markets further to foreign investment.

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