News Analysis
China’s economy is growing stagnant, with the GDP growth prediction for 2023 officially assessed as the lowest in 30 years, indicating a total economic decline after the COVID-19 outbreak. Such a slump means a widening gap with the United States and a reversal of previous projections by economists that the Chinese economy would be on par with the United States by 2025 or 2030.
On March 5, Chinese Premier Li Keqiang delivered his tenure’s final government work report, which anticipated GDP growth for 2023 to be around 5 percent, the lowest growth target in the past 30 years of the communist regime.
The official expectation for GDP growth has decreased yearly in the past five years. In 2019, the official GDP target was revised (pdf) to 6 and 6.5 percent compared with 6.5 percent in 2018, followed by 6 percent in 2021 and about 5.5 percent in 2022, then 5 percent in 2023….