According to the global rating agency, the key risks in the Chinese economy are weakness in its property market and consumption, which it argues could lead to lower growth.
He said it will take a lot of effort to meet the economic growth target of around five percent and that the government must make stability its top priority and do what is necessary to achieve an overall economic recovery.
Tan Kefei, a spokesperson of the People's Liberation Army and People's Armed Police delegation to the first session of the 14th National People's Congress said that China's military spending is purely to safeguard the country's sovereignty, security and interests.
The GDP growth target and China's other development goals were released in the Government Work Report. Chinese Premier Li Keqiang presented the Government Work Report during the first session of the 14th National People's Congress on Sunday, as per the Global Times report.
After the end of China's zero-COVID policy in December 2022, there were hopes for economic recovery in China. Households' deteriorating confidence coupled with the unresolved difficulties in the housing sector, however, weighed on the country's growth rebound.
New Delhi [India] March 5 (ANI): China on Saturday said its gross domestic product (GDP) is expected to grow at 5.5 per cent in 2022, the lowest in more than 30 years.
Beijing [China], Mar 5 (ANI): China on Monday set its Gross Domestic Product (GDP) growth target at around 6.5 percent for the year 2018-19, according to a government work report.