China sets a 5% growth target and pledges to adjust its economic model. China achieved growth of 5.2% last year and is expected to decline to 5% this year.
Analysts expect China to lower its annual growth expectations in the future. The growth rate in China last year was one of the lowest recorded since the 1990s. The real estate crisis, deepening economic downturn, stock market collapse, and worsening local government debt problems have increased pressure on China's leaders to respond to these calls.