China to miss GDP growth targets for 2023

According to media sources, China is likely to miss its GDP growth target of 5% for 2023 without further stimulus packages to support its stalling economy.

China has been introducing several stimulus measures to support domestic consumption, for which the response has been muted so far with economists expecting more support from the government to eliminate deflation risks.

Property sector, which accounts for a big part of the country’s economy, is staging a historical downturn, leading to a great loss for the country’s economy. China’s house sales recorded the steepest monthly decline since July 2022 last month.