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China Sets Lowest Economic Growth Target Since 1991 Amid Challenges. China has set its economic growth target for this year between 4.5% and 5%, marking the lowest goal since 1991. This is the first reduction since the target was adjusted to "around 5%" in 2023. The decision, announced during the “two sessions” political event, aligns with China’s ongoing struggle with weak consumption, a shrinking population, and a property crisis, compounded by global trade tensions and the energy crisis linked to the Iran war. The lowered target allows China more flexibility to manage its economy without the pressure of hitting an exact goal. Jason Bedford, from the East Asian Institute, explained that flexible targets have been used in the past, especially during the pandemic, though this approach isn't the norm. Details of China's Five Year Plan and GDP targets will be formally confirmed after the two sessions conclude.
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