China: Disappointment after a humble GDP growth target – UOB – by pabspiovano China GDP Banks
“China maintained that economic stability is its priority. The government has set a GDP growth target of “around 5.0%” for 2023, the lowest annual growth target on record. This is at the lower end of market’s expectation but in line with our estimate.”
“By setting a lower growth target, this likely implies less pressure on the officials to expand the monetary and fiscal support this year. But with China moving to Covid endemicity and less resources to be spent on testing and virus containment, we believe the effectiveness of its fiscal and monetary policy will be improved despite not announcing a more expansionary policy.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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