China has cut its annual economic growth target to a range of 4.5%-5%, the lowest expansion goal since 1991 as it grapples with challenges both at home and abroad. It is the first time the target has been lowered since it was cut to "around 5%" in 2023. A target was not set in 2020 due to the pandemic. The details were released during China's biggest political gathering, known as the "two sessions", alongside the release of some details of the 15th Five Year Plan for the world's second largest economy.
Beijing aims to reshape its economy as it faces issues like weak consumption, a shrinking population, an ongoing property crisis, global trade tensions and an energy crunch due to the Iran war.
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