Local Agendas Foreshadow National Priorities Ahead of Two Sessions

Key Takeaways

• 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.