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Free AccessMNI BRIEF: NPC: China Targets 2023 GDP Growth Of “Around 5%”
China set a GDP growth target of “around 5%” for 2023, with a higher fiscal deficit and increased local government debt aimed at boosting consumption and investment, said Premier Li Keqiang in his Work Report during the opening ceremony of the 14th National People’s Congress on Sunday.
Li said the focus was to “prioritise economic stability and pursue progress while ensuring stability”, adding that “policies should be kept consistent and targeted, and be carried out in more coordinated way”. The foundation for growth needs to be consolidated and “insufficient demand remains a pronounced problem,” he said.
The government's fiscal deficit/GDP ratio will rise to 3% compared with 2.8% in 2022, with the quota for local government special bond lifted to CNY3.8 trillion from CNY3.65 trillion in 2022 to accelerate the launch of big projects included in the 14th-five-year plan. Premier Li noted preferential tax and fee policies will be improved, saying the government would “extend and further refine policies on tax and fee cuts, tax rebates, and tax deferrals as the situation requires”.
The People’s Bank of China will implement “a prudent monetary policy in a targeted way”, he said. CPI increase will be around 3% and the M2 money supply and aggregate financing will increase generally in line with nominal economic growth. Meanwhile, the yuan would be kept generally stable “at an adaptive and balanced level”, he said.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.