The Chinese parliament holds its annual session, starting from Sunday for nine days, and it is a meeting that is expected to witness the granting of Xi Jinping a third presidential term..
After three years of slowdown due to anti-Covid restrictions, “the Chinese economy is witnessing a strong recovery,” according to a report presented by outgoing Premier Li Keqiang to some 3,000 deputies..
But the growth target, set at around 5 percent, is one of the most modest in decades. Last year, China aimed for growth of 5.5 percent.
The second largest economy in the world, which was severely affected by the restrictions imposed to combat Covid nearly three years ago, recorded a growth of only 3 percent in 2022, which represents one of the slowest growth rates in nearly 50 years..
The report said that China expects its budget deficit for 2023 to be 3.0 percent of GDP, up from about 2.8 percent in 2022..
The international context is unfavorable, with many economists fearing a global slowdown amid rising costs and central banks raising interest rates to curb inflation..
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