China sets lowest GDP growth target in more than three decades

China’s government set its lowest economic growth target in more than 30 years, a sign the housing slump, stringent Covid-19 controls and global risks will continue to curb demand.

Beijing will target gross domestic product (GDP) growth of around 5.5% this year, according to a prepared speech by Premier Li Keqiang at the opening of the National People’s Congress (NPC). Most economists surveyed by Bloomberg predicted the government would set a range of 5% to 5.5%. 

Policy makers are aiming to narrow the budget deficit to 2.8% of GDP this year from last year’s target of around 3.2%. They’re also aiming to add more than 11 million urban jobs…