Most economists maintained their forecasts of China's GDP growth in 2023 at 5.3 percent or above, after the country announced its official GDP target at the al People's Congress. Premier Li Keqiang announced a lower than expected 5 percent growth target when delivering the government work report at the NPC, China's national legislature, on Sunday. "Overall, we view it as a relatively conservative but pragmatic proposal for delivering a healthy and organic economic recovery from last year's huge disruptions caused by COVID, and we see no sign of a massive stimulus program," said Lu Ting, chief China economist of Nomura.

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