The NDRC chairman, Zhao Chenxin, said the priority is to “release consumption potential” and promote an “innovation-driven development strategy.”
The NDRC’s Li warned that the global environment “is becoming more complex and severe,” a reference to weak export demand due to Western interest rate increases to cool inflation and strained relations with Washington and other trading partners over technology, security and territorial disputes. “Ability to consume comes from employment and income,” so the government must “increase the income of urban and rural residents,” Li said.
The growth target is the lowest on record except for 2020, when the government dropped its goal at the start of the COVID pandemic.
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