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China’s economic roadmap for 2023

The economic plans that have been detailed at the National People’s Congress are more cautious and restrained than had seemed likely given the pro-growth messaging ahead of the event. That suggests there is less upside to economic activity once the ongoing rebound from zero-COVID constraints peters out. But it could pay long-run dividends if officials use the breathing room provided by less ambitious targets to tackle structural problems and financial risks. 

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