The Corona epidemic has caused a lot of damage to the Chinese economy. In the year 2022, due to the increasing cases of Corona, China’s economic growth rate was reduced to only 3 percent. Now even in the year 2023, a slight improvement in China’s growth rate can be seen. China expects its economy to grow at a rate of 5 percent this year. China’s National People’s Congress (NPC) said in its annual report that this year China’s GDP will grow at the rate of only 5 percent (China Economic Growth 2023). This is less than the earlier estimate. Earlier, China’s policy source had told the news agency Reuters that in the year 2023, the government can estimate China’s economic growth rate around 6 percent, but now it has been kept at only 5 percent.
China’s emphasis on economic stability
According to the report published in Live Mint, China’s Premier Keqiang said that at this time China is emphasizing on economic stability. This year, a target has been set to create at least 12 billion new jobs in urban areas of the country, which is 1 billion more than last year. Last year China’s GDP has been 3 percent (China GDP in 2022), which has been the lowest recorded in the last 40 years. The biggest reason for this was the restrictions of Corona. Due to the Zero Covid policy implemented by the government, there was a brake on the economic activities of the country and its effect was visible on the economy.
How much will be the government deficit
In the year 2023, the target of government deficit in China has been fixed at 3 percent of GDP. It was 2.8 per cent last year. In such a situation, an increase of 0.2 percent is being recorded in it. In such a situation, it is believed that the Chinese government is making a lot of efforts to fix the economy affected by Covid-19.
In the year 2021, China’s GDP was 8.1 percent, which had come down to 3 percent by the year 2022. Now in the year 2023 it is estimated to increase by 5 percent.
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