(Tiper Stock Exchange) – China expected to end 2023 with a 5% growth in GDP. This is what emerges from the documents presented by the Chinese Communist Party for the Annual Assembly, from which one emerges conservative estimatewhich fixes economic growth at the same level expected for last year (later closed at +3% due to the worsening of the international situation and the war in Ukraine).
Beijing therefore chooses the path ofextreme cautiondespite the recent recovery of the manufacturing PMI above the 50 level, which denotes expansion of activity, and despite the effect of the longed-for post-Covid reopeningsthe impact of which has yet to be assessed.
The Work Report prepared in view of the Shareholders’ Meeting also includes a recovery of the debts of the territorial administrationsthrough the transfer of approximately 70% of central administration expenditure, and a increase defense spending to 7.2% compared to 7.1% in 2022, for a total figure of 224.9 billion of dollars.
In the era of decarbonization, Beijing keep pushing the coal and announces that China will need larger quantities of this raw material for energy supply, to “improve the reliability and safety of the energy system”. Coal is still there most used energy source in China – according to the National Bureau of Statistics it was used to generate 56.2% of the electricity last year – even if the largest Asian economy is making an effort “by fits and starts” to use less invasive sources and has increased the use of gas and renewable sources to reduce carbon emissions.