China’s budget deficit expected to reach 3% Of GDP


Inflation in China will stand at about 3% this year, and the budget deficit will be 3% of the country’s GDP, according to China’s social and economic development plan released on Sunday.

“In 2023, the share of the financial deficit in GDP is planned at 3%, which is 0.

2 percentage points higher than last year,” the document, published at the opening of the annual session of the National People’s Congress (NPC), says.

The development plan says that the consumer price index (CPI), which is the main indicator of inflation, “will be about 3%” in 2023.

In 2022, inflation in China stood at 2%, although the country’s authorities had expected it to reach 3%.