Home NewsBusiness China Aims for 5% GDP Growth, Amid Push For Modernization

China Aims for 5% GDP Growth, Amid Push For Modernization

by Francis Pelenah Jr,

Beijing, Sunday, March 5,2023 – The Government of China has revealed its five-year work report and recommendations for the year 2023.

In the report released by Chinese Premier Li Keqiang at the opening of the Two Sessions in Beijing Sunday, the government is seeking to enhance the quality of development as part of its modernization drive.

Key in the report is a staggering projection of economic growth at 5 percent, a momentous push for the world’s second largest economy.

The 2023 projection is more than the 3 percent growth recorded in China’s gross domestic product (GDP) last year.

-Economic strength reaches new heights.

According to the report, China’s GDP increased to 121 trillion yuan, registering an annual growth rate of 5.2 percent over the past five years.

Premier Li added “Over the past decade, GDP has increased by almost 70 trillion yuan at an annual rate of 6.2 percent. We have achieved a medium-high rate of economic growth given our large economic aggregate and transitioned to high-quality development. Government revenue increased to 20.4 trillion yuan. Annual grain output remained steady at over 650 million metric tons for several consecutive years”.

These achievements have also come with trickledown benefits for ordinary Chinese People as annual urban job growth averages about 12.7 million over the last five years.

It comes as total value-added of industry exceeded the 40-trillion-yuan mark while foreign exchange reserves remained stable at over US$3 trillion. “These figures show that China’s economic strength has increased significantly” noted Mr. Li, the Premier of the State Council.

This year’s “Two Sessions” will also deliver a new cabinet with Premier Li making making way for a soon-to-be announced successor.

It takes place on the back of the 20th Communist Party of China National Congress in October 2022, which proffered several crucial development targets including China’s modernization programs.

Under the Communist Party and with President Xi Jinping at its code, China has achieved its First Centenary Goal of building a moderately prosperous society and its rejuvenation looks irreversible.


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