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China targets slower GDP growth in 2022

China has targeted slower economic growth of around 5.5% this year. China's Premier Li Keqiang said it was not an easy thing to come up with a gross domestic product (GDP) growth goal of around 5.5% this year for an economy as big as China's. Li admitted renewed downward risks and challenges facing the economy will require larger policy support this year from authorities, including more tax and fee cuts for businesses. He added that macroeconomic policies this year are being rolled out not only to cope with short-term has many problems to solve such as climate change, income disparity, and debt, and all these issues need to be forcefully dealt with over the medium and long term, including this year.

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