China has set its economic growth target for the year at between 4.5% and 5%, indicating that policymakers are prepared to accept a slightly slower pace of expansion compared with the 5% growth recorded last year.
The new target was revealed in an official government report reviewed by Reuters on Thursday. The figures suggest that Chinese authorities are taking a more cautious approach to economic growth while balancing stability and long-term structural adjustments in the world’s second-largest economy.
The revised growth range signals that Beijing may prioritize sustainable development and economic stability, even if it means moderating the pace of expansion compared with previous years.
