Local governments have taken a cautious approach in their economic planning this year, indicating the national growth target for 2023 may be set at around 5 percent.
The Chinese government has vowed to boost consumer spending and woo back investors and entrepreneurs. However, deflating confidence in the market may dampen these efforts.
Amid growing geopolitical tension, the Chinese government is pursuing high-quality development in the hopes of becoming a trade and technology peer power to the United States.