Premier Li Keqiang's government work report was released on Sunday at the opening of the National People's Congress, part of the annual "Two Sessions" parliamentary meeting.
From it we have the 2023 economic growth target. Its on the low side at "around 5%":
- 3% aim for the consumer price index (CPI)
- 5.5% jobless rate for people in cities, target of around 12 new urban jobs
The work report called for implementing prudent monetary policy in a targeted way.
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Analysts expectations for GDP centred aorund 5.5%, so this 5% is a disappointment. At the margin this should serve as a negative input for China stocks and China proxy trade (such as AUD , AUD/USD is lower in very early Asia, circa 0.6747)
