According to preliminary estimates, China’s GDP growth rate in 2023 should be 5%. Such forecasts are described in the socio-economic plan for the development of the republic, which was published as part of the opening of the parliamentary session of the 14th convocation on March 5.
Premier of the State Council of the People’s Republic of China Li Keqiang delivered a report on this subject. he also mentioned that 3% inflation is expected this year. The budget deficit, according to experts, will amount to 3% of GDP, which is 0.2% more than in 2022.
Finally, the official said that the estimated level of registered unemployment in the country should be about 5.5%. In order to prevent the situation from worsening, the authorities will need to provide about 12 million new jobs.
The first session of the 14th National People’s Congress (NPC) will run until March 13. During this time, the participants must agree on the main direction of political, legislative and economic work for the coming year, as well as elect the leadership of the country for the next five years.
Earlier, on March 4, Wang Chao, spokesman for the 1st session of the NPC, said that China’s defense budget will be increased in 2023 due to the need to respond to complex security challenges.
On Sunday it became known that the planned defense spending will grow by 7.2%, to 1553.7 billion yuan (about $224.8 billion). In 2022, China increased defense spending by 7.1%, to 1.451 trillion yuan (about $229.07 billion).