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China Targets Modest 2023 Growth

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China targeted modest economic growth of around 5% this year on Sunday as it kicked-off the annual session of its National People's Congress (NPC).

  • This year's growth target of around 5% was at the low end of expectations.
  • China's gross domestic product (GDP) grew by just 3% last year, one of its worst showings in decades, squeezed by three years of COVID-19 restrictions.
  • The reopening of China’s economy is the key global driver of oil and energy demand as high inflationary environments cause weaker demand in other global markets this year.


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China targeted modest economic growth of around 5% this year on Sunday as it kicked-off the annual session of its National People's Congress (NPC).

  • This year's growth target of around 5% was at the low end of expectations.
  • China's gross domestic product (GDP) grew by just 3% last year, one of its worst showings in decades, squeezed by three years of COVID-19 restrictions.
  • The reopening of China’s economy is the key global driver of oil and energy demand as high inflationary environments cause weaker demand in other global markets this year.