China's local governments set 2023 growth targets, offering clues on economic recovery | CNN Business

. Local governments across China began to convene this week for annual legislative sessions laying out their respective policy goals for the year. The meetings will culminate in the national parliamentary session to be held in March, in which the premier is expected to disclose the nation’s GDP growth target. Guangdong, the southern manufacturing and export giant, announced Thursday that it aims to grow its economy by 5% or more this year.

The signs have boosted investor and analyst confidence about a significant rebound in China’s economy in 2023. So far, a group of government economists and international analysts have said they expect Beijing to set a growth target of above 5% in 2023. On Thursday, Zhejiang province, another major economic powerhouse, announced it’s targeting an expansion of more than 5% in 2023. Last year, the economy grew by only around 3% amid “unexpected shocks and challenges,” its governor Wang Hao said.

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