Beijing has set a GDP growth target of over 4.5 percent for 2023, the city’s acting mayor Yin Yong said Sunday, as he delivered the government report at the annual session of the Beijing Municipal People’s Congress.

The Chinese capital also set goals for other major economic indicators in 2023, including a surveyed urban unemployment rate of 5 percent or less and consumer price index (CPI) growth of about 3 percent, according to the government work report.

Beijing is projected to achieve positive economic growth and maintain steady growth of per capita disposable income in 2022, with a CPI increase of 1.8 percent and a surveyed urban unemployment rate of 5 percent or less, Yin said.

According to the report, Beijing will in 2023 place emphasis on restoring and expanding consumption. It will promote the planning and construction of logistics bases, strengthen building of new consumption landmarks and support consumption in housing improvement, new energy vehicles and elderly care services

To leverage the key role of investment in optimizing the supply-side structure, Beijing will further promote 100 infrastructure projects, 100 projects for improving people’s livelihood, and 100 projects for scientific and technological innovation and hi-tech industries, Yin said.


Top Australian Brokers


Beijing will comprehensively deepen reform and opening up to boost market confidence, Yin said, adding that the capital city will speed up docking with international trade rules such as the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and upgrade the China (Beijing) Pilot Free Trade Zone. It will also support the development of micro, small and medium-sized enterprises.

Originally published by Xinhua