China to increase defense spending 7.2%, sets economic growth target of 'around 5%' for 2023 | CNN Business

China has set an official economic growth target of “around 5%” for 2023, as it seeks to revive the world’s second-largest economy after a year of tepid growth because of pandemic measures. It will also expand its defense budget 7.2%, marking a slight increase over growth the previous year.

But the disruptions started to fade away in January, and the economic recovery picked up pace last month. Official data released Wednesday showed China’s factories had their best month in nearly 11 years in February, underscoring how quickly economic activity has bounced back following the end of the Covid exit wave. The services and construction industries also had their best performance in two years.

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