China sets economic growth target at 5% for 2023, lowest in over 25 years

China on Sunday set a five per cent growth target for 2023 as the country’s rubber-stamp Parliament commenced its annual session which also heralded a new era for Xi Jinping’s presidency as he began an unprecedented third five-year term. China unveiled its lowest growth target in more than a quarter-century as Beijing faces challenges in the domestic and global economy following its emergence from three years of strict Covid-19 measures. 

Premier Li Keqiang, 67, the Number 2 ranked leader after Xi and is widely regarded as far less powerful than his predecessors, signed off his 10-year stint by presenting his last