China considers a GDP target near 5% as focus shifts to economic growth

Reliable sources said that Chinese officials are discussing economic growth targets for 2023. The benchmark is likely to be a level of 5%. This is due to the shift in the course Beijing had previously chosen. Now, the country is looking at economic recovery. 

Some officials stated that this level of GDP is rather high. But it would facilitate a shift from a COVID-19-driven policy towards boosting the Chinese economy. Alternatively, the target of 5% may be too ambitious. 

Despite the recent economic turmoil caused by record outbreaks of COVID-19 and the real estate market crisis, China is now adopting a proactive stance on economic growth. As stated by the Political Bureau of the Chinese Communist Party, the goal is to continue the country's economic recovery as well as to boost the confidence of market participants.