China lowers its economic growth target

Beijing has posted growth targets that are hard to imagine in other major economies. However, China revised its forecasts downward slightly from last year.

Why is this important?

China is still an economic giant, but the country is struggling to overcome the disastrous consequences of the policy to stem the spread of the virus. The world is closely following the economic recovery in China, which is expected to be accompanied by a huge increase in demand for raw materials.

In the news: In China, the annual meeting of the National People’s Congress, the country’s legislature, opened with about 3,000 representatives in Beijing. One of the most anticipated moments was the announcement of major national targets.

  • China aims to achieve economic growth of approx 5 percent, which is the lowest target level in more than a quarter of a century. However, expectations are remarkably high

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Megan Vasquez

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