China has officially reduced its annual economic growth target to between 4.5% and 5%, marking the lowest goal set since 1991. This announcement was made during the country’s political meetings, as reported by the BBC.
The details regarding the gross domestic product (GDP) target and the objectives outlined in the latest five-year plan were included in a comprehensive 46-page report released by Premier Li Qiang.
This is the first time since 2023 that Beijing has lowered its growth target, which was previously set at approximately 5%. Notably, no target was established in 2020 due to the disruptions caused by the COVID-19 pandemic.
In his address to delegates, Li emphasized that the upcoming five-year plan will focus on investments in innovation, high-tech industries, and scientific research, alongside increased efforts to boost household consumption.
China's decision to lower its economic growth target reflects ongoing challenges in its economy, with a focus on innovation and household consumption in the forthcoming five-year plan. This marks a significant shift in the country's economic strategy.
Source: BBC