China’s economic growth target for 2023 is a conservative goal that suggests the government is wary of challenges that may weigh on the economy and wants to account for risks to a recovery that is steadily building momentum.
That’s according to economists who weighed in after Sunday’s announcement that Beijing will target gross domestic product expansion of around 5% for the year. The goal is somewhat more muted than expectations among economists that China would set a growth target that was higher than 5%. It’s also below the median estimate for an expansion of 5.3% this year, according to economists surveyed by Bloomberg.
