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China targets economic growth of 'around 5 percent' despite looming trade war with U.S.

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The Chinese government unveiled an annual economic growth target of "around 5 percent" on Wednesday, despite the possible negative impact of a looming trade war with the United States, and pledged to address what it called "sluggish" consumer spending at home.
China has set an economic growth target of around 5 percent for the year, as announced during the National People's Congress, amidst ongoing tensions with the United States over trade. This target, lower than previous years, reflects the challenges posed by a potential trade war, a slowing global economy, and domestic issues like high debt levels and a property market slump. Premier Li Keqiang emphasized the need for stability and high-quality growth, focusing on boosting domestic demand, supporting private enterprises, and advancing technological self-reliance to mitigate the impact of external pressures. Despite these efforts, the economic outlook remains uncertain due to the U.S.-China trade frictions, which could escalate with new tariffs or restrictions on technology exports, potentially affecting global supply chains and economic recovery.

Read the Full PBS Article at:
[ https://www.pbs.org/newshour/world/china-targets-economic-growth-of-around-5-percent-despite-looming-trade-war-with-u-s ]