China cuts growth target to between 4.5 and 5%

China's government revealed a reduced economic growth target of between 4.5% and 5% during its annual parliamentary meeting in Beijing as the country prepares to release its new five-year development plan, reflecting a more cautious economic outlook amid global uncertainties and domestic challenges. The lowered growth target marks a significant adjustment from previous years, indicating China's acknowledgment of mounting economic pressures including a property sector crisis, local government debt concerns, and persistent economic headwinds. This more modest target suggests Beijing is shifting its focus from rapid expansion to achieving more sustainable, high-quality growth that can better withstand external shocks while addressing long-term structural issues in the world's second-largest economy. Economists view this reduced target as a realistic assessment of China's current economic trajectory, which has been hampered by weakening consumer confidence, declining exports, and demographic challenges.