Chinese premier says economic growth target is about 5%, on par with last year’s rate

News Snapshot:

BEIJING (AP) — Chinese Premier Li Qiang has announced that China’s economic growth target for this year is around 5%, in line with last year’s performance despite forecasts for a slowdown. The ruling Communist Party has said it is prioritizing efforts to encourage consumer spending to help drive the economy. Last year, the economy grew at a 5.2% pace, but that was after a very slow 3% annual growth rate in 2022, when the country was enduring the worst disruptions from the COVID-19 pandemic. Li emphasized a need to balance security and stability with economic aims, and said the leadership...