China fell short of its 5.5% economic growth target in 2022, as its zero-COVID policy stifled business activity, and it has set a more moderate goal of around 5% for 2023.

Senior Fellow Ke Long told NHK World, though, that Beijing will struggle to meet even this target, as the central and local governments are financially strapped after spending large sums for forced PCR tests.

US-led sanctions on semiconductor exports to China are also likely to dampen innovation, he added. In addition, China faces challenges owing to a shrinking property market and the serious debt burden of local governments.

“Biz Picks: China Struggling to Meet GDP Goal,” NHK World
https://www3.nhk.or.jp/nhkworld/en/news/videos/20230414174114162/

Profile of Senior Fellow Ke Long
https://www.tokyofoundation.org/experts/detail.php?id=31