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Why China set 2023 GDP growth target at 'around 5%'

Global economic outlook not promising and stable rise will be a challenge

A laborer works on scaffolding at a construction side in central Beijing.   © Reuters

China set a gross domestic product growth target at "around 5%" for 2023 earlier this month, which many consider moderate following a low base in 2022 and stronger-than-expected economic activity so far this year. But the country's new leadership has echoed the cautious tone.

In his first media briefing as premier, Li Qiang told reporters on Monday that achieving the growth target of "around 5%" will not be easy, as China's GDP surpassed 120 trillion yuan ($17.8 trillion) last year, which is a high base. Li said that the economy will face new challenges this year.

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