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China set a growth target of about 5% at its annual National People’s Congress, its lowest target in more than 30 years, after growing by only 3% last year due to lockdowns, issues in the property sector, and industry-specific crackdowns. The modest target signals the communist nation will lean on organic growth rather than debt-created. Also, the NPC kept its 3% CPI growth target unchanged and announced a plan to add 12 million urban jobs in 2023 versus 11 million in 2022.
