China plans to expand economy by around 5% in 2023: Govt report

06 Mar '23

2 min read

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China plans to expand its economy by around 5 per cent this year, a government work report submitted recently to the national legislature said. The country strengthened environmental protection and pursued green and low-carbon development over the past five years and has made steady progress in energy conservation and carbon reduction as well, it said.

China’s gross domestic product (GDP) increased by 3 per cent year on year (YoY) to a high of 121.0207 trillion yuan ($17.95 trillion) last year, according to data from the National Bureau of Statistics. In the fourth quarter of 2022, the GDP increased by 2.9 per cent YoY.

The GDP is projected to grow by 4.3 per cent this year, 0.9 percentage point below previous forecasts, according to the World Bank. The downward revisions reflect COVID-related disruptions and protracted weakness in the real estate sector in China.

The country worked on the targets of peak carbon emissions and carbon neutrality with well-conceived and systematic steps.

The energy mix was further improved and the share of clean energy in the total energy consumption rose from 20.8 per cent to over 25 per cent, an official news agency cited the report as saying.

In cities at and above the prefectural level, air quality was good or excellent on 86.5 per cent of the days over the past five years, a 4-percentage-point increase, and black malodorous water bodies in such cities were generally cleaned up, the report said.

China also restore polluted soil and stepped up the treatment of solid waste and new pollutants.

Apart from launching major ecological projects and instituting a nation-wide system of river, lake and forest chiefs, it also enforced the 10-year ban on fishing in key water bodies of the Yangtze River basin.

Fibre2Fashion News Desk (DS)

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