China opens parliament, setting modest growth target of about 5%

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By Thomas Peter and Ryan Woo BEIJING (Reuters) -China set a modest target for economic growth this year of around 5% on Sunday as the National People’s Congress (NPC) kicked-off its annual parliamentary session, which is poised to implement the biggest government shakeup in a decade. China’s gross domestic product (GDP) grew by just 3% last year, one of its worst showings in decades, squeezed by three years of COVID-19 restrictions, crisis in its vast property sector, a crackdown on private enterprise and weakening demand for Chinese exports. In his work report, outgoing Premier Li Keqiang emp…

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