China Lowers Economic Growth Target to 4.5-5% Amid Property Slump, Global Headwinds

• China has set its economic growth target for this year at 4.5% to 5%.
• This target is a decrease from approximately 5% in each of the last three years.
• The decision comes amidst a prolonged property slump, domestic headwinds, and global uncertainty.
• Premier Li Qiang announced the target at the opening session of the National People's Congress.
• Setting a range provides the government with more flexibility to adjust policies throughout the year.