China's annual parliamentary session opened with leaders expressing confidence amid economic challenges and external pressures, particularly from the U.S. Premier Li Qiang set a growth target of approximately 5% for 2023, addressing issues such as weak domestic demand, a real estate crisis, and low consumer confidence. Although measures to stimulate the economy include proactive fiscal policies and improvements in living standards, skepticism abounds regarding their effectiveness in overcoming ongoing economic headwinds and meeting growth objectives.
"Domestically, the foundation for China's sustained economic recovery and growth is not strong enough. Effective demand is weak, and consumption, in particular, is sluggish."
"An increasingly complex and severe external environment may exert a greater impact on China in areas such as trade, science, and technology."
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