The Chinese government set its 2023 growth target for its economy at around 5%, according to a government work report released at the opening of the country’s annual meeting of parliament on Sunday, as the world’s second-biggest economy began to emerge from three years of severe COVID-19 restrictions.

That compares with its 2022 target of around 5.5%. The Chinese economy grew 3% last year, significantly missing the 2022 target and marking one of the slowest rates of growth in almost half a century.

A 2023 government budget deficit target of 3.0% of GDP has been set, according to the report, widening from a deficit goal of around 2.8% last year.

In the report, China has set a 2023 target of around 3% for its inflation, unchanged from its 2022 target. The CPI rose 2.0% last year.

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Edited by Jesus Chan

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