China cuts economic growth goal as it tries to reverse slump

The Associated Press ^ | March 5, 2022 | By JOE McDONALD

[Oldeconomybuyer]

BEIJING (AP) — China on Saturday cut its annual economic growth target to its lowest level in decades as Beijing struggles to reverse a slump at a time when Russia’s war on Ukraine is pushing up oil prices and roiling the global economy.

The ruling Communist Party will aim for “around 5.5%” growth this year, down from last year’s 8.1% expansion, the country’s No. 2 leader, Premier Li Keqiang, said in a report to an annual meeting of its ceremonial legislature. It noted commodity prices are surging but made no mention of the reason: the attack by Beijing’s friend, Russian President Vladimir Putin.

“Achieving this goal will require arduous efforts,” Li said during a 55-minute speech at the opening of the National People’s Congress in the Great Hall of the People in central Beijing.

[SmokingJoe]

We should be lucky with this “low” Chinese 5.5% GDP growth.
The AP keeps getting funnier every day. They might as well get a comedy show.

[ComputerGuy]

Help China. Buy a couple of iPhones.

[kearnyirish2]

Many Americans are using their devalued dollars for food, gas, and rent/mortgages now; we have limited discretionary income to spend on cheap ChiCom junk.

[jdsteel]

And that’s if you believe the CCP numbers…which I do not.