China’s lowest annual GDP growth target in decades has reaffirmed the government’s focus in the first year of the post-pandemic era: high-quality growth driven by pragmatic policy. Announced at the recently concluded 14th National People’s Congress (NPC) in Beijing, the target of 5% year-on-year growth for 2023 highlights the central government’s caution in the face of internal and external headwinds. Challenges include slowing domestic consumption, a struggling property market, lingering geopolitical tensions, and weakening demand for Chinese exports. Last year, China recorded 3% growth, one of its lowest rates ... (full story)