Post-COVID rebound

IBEIJING – China is targeting economic growth of "around 5%" this year, and will take steps to catalyze a rebound after stalling under the weight of strict COVID controls last year, according to the country's outgoing premier, Li Keqiang.

The target is slightly lower than last year's goal of "around 5.5%", which was set before the highly-transmissible Omicron variant of COVID-19 collided the government's "zero COVID" policy, leading to mass lockdowns, forced quarantines and a sharp drop-off in economic activity.

Official statistics show that the economy grew just 3% last year — among the slowest rates since market reforms began after Chairman Mao Zedong died in the late 1970s — although some economists suspect the growth rate may actually have been lower.

"This year, it is essential to prioritize economic stability and pursue progress while ensuring stability. Policies should be kept consistent and targeted, and they should be carried out in a more coordinated way to create synergy for high quality development," Li said at the opening ceremony of an annual series of meetings of the country's parliament, the National People's Congress.