China's Bold Economic Strategy Amid Trade Tensions

China keeps its economic growth target at 5% for 2023, facing challenges from U.S. trade tariffs and global shifts. Premier Li Qiang emphasizes fiscal reforms to stimulate domestic consumption, reduce export reliance, and support tech industries. Beijing plans significant debt issuance to boost the economy.

In a determined move, China has opted to maintain its economic growth target at 5% for 2023, despite facing significant challenges from escalating U.S. trade tariffs and global economic shifts. Premier Li Qiang emphasized a need for strategic fiscal policies to counterbalance these external pressures.

At the National People's Congress, Li announced reforms aimed at stimulating domestic consumption and lessening the economy's dependency on exports. Notably, the plan involves substantial debt issuance to fund consumer incentives and support high-tech industries, all while attempting to mitigate vulnerabilities in the industrial and property sectors.

China's aggressive approach includes a special action plan for boosting household demand and continued investment in advanced manufacturing. The nation seeks to diversify export markets amid tariff threats, all as part of an ambitious economic strategy to ensure growth amid global uncertainties.

(With inputs from agencies.)