China cuts 2022 GDP growth target to around 5.5%

The Chinese government has set its 2022 economic growth target at around 5.5%, Premier Li Keqiang said at the opening of the country's annual meeting of parliament on Saturday, lower than a year earlier. The world's second-largest economy grew 8.1% last year, beating the government target of over 6%. That compares with last year's target of around 3.2% of GDP. The consumer price index target was set at around 3%, unchanged from last year.

The Chinese government has set its 2022 economic growth target at around 5.5%, Premier Li Keqiang said at the opening of the country's annual meeting of parliament on Saturday, lower than a year earlier.

The world's second-largest economy grew 8.1% last year, beating the government target of over 6%. China set its 2022 budget deficit target at around 2.8% of gross domestic product, Li said in the government's annual work report released during parliament. That compares with last year's target of around 3.2% of GDP.

The consumer price index target was set at around 3%, unchanged from last year. China has set a quota for local government special bond issuance at 3.65 trillion yuan ($578 billion), unchanged from 2021.

($1 = 6.3188 Chinese yuan renminbi)