China has set its economic growth target at around 5% for the year, amid mounting pressure from US tariffs that have disrupted global trade and investment flows. The move comes as Beijing seeks to navigate a challenging economic landscape, where slowing growth in major economies such as the US and Europe has reduced demand for Chinese exports.
The decision reflects China’s cautious approach to managing its economy, which is heavily reliant on exports to the US and other countries. With US tariffs on key Chinese imports such as steel and aluminum, Beijing is now facing a slowdown in economic growth, which could impact its manufacturing sector and overall GDP.
China’s government has announced that it will focus on domestic consumption and investment to drive growth, but this strategy may not be enough to offset the negative impact of reduced exports. The country’s slow growth target marks a significant shift from previous years, when China set more ambitious targets of 6-7% annual growth.
The move reflects Beijing’s efforts to balance economic stability with its own economic reforms and trade ambitions. As the global economy continues to evolve, China’s strategy will be closely watched by investors, policymakers, and economists around the world.
Source: https://www.ft.com/content/e4070348-6e6f-478d-97a0-c595b42b3698