China Sets 2023 Economic Growth Target at 4.5-5.0%, Maintains Prudent and Proactive Policy Stance

Published: Mar 10, 2026 14:05

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On March 5, Premier Li Qiang delivered the government work report. This year’s report set the economic growth target at 4.5-5.0%, slightly lower than last year’s target of around 5. At the same time, the deficit ratio and the scale of special-purpose bonds and special treasury bonds remained unchanged from last year. However, considering the recovery in inflation this year, as well as the expected strengthening of the actual support to the economy from special-purpose bonds and policy-based financial instruments, the overall policy stance is expected to remain prudent yet proactive.

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