China sets lowest economic growth target since 1991

China has set its lowest economic growth target in 35 years, aiming for 4.5% to 5% GDP growth as Premier Li Qiang addressed the National People’s Congress. This marks a downgrade from last year’s 5% target, reflecting challenges such as a protracted property slump and rising local government debt. Li also announced increased defense spending and emphasized the need to boost domestic demand while navigating tensions with the U.S. and international economic uncertainties.

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