BEIJING — China announced a gross domestic product growth target of “around 5.5%” for 2022, as an annual parliamentary meeting gets underway.

Premier Li Keqiang spoke out about the figure on Saturday morning local.

Many analysts expect the GDP target will be at 5% to slightly lower than that. The analysts are seeking details on stimulus plans to stimulate an economy experiencing a significant slowdown.

China’s economy grew by 4% in the fourth quarter, but this was not a surprise. full-year growth of 8.1%.

While the rest of the globe was still struggling with the coronavirus pandemic, the country was the only large economy that grew in 2020.

However, slow consumer spending and the fallout of Beijing’s regulation crackdown on real estate and tech have hindered growth. China’s “zero Covid” policy with sudden lockdowns and travel restrictions has also affected the economy.

The heads of the government ministries spoke out about plans to provide more support for the economy, particularly for consumers and small business owners, over the past two weeks.

Two Sessions is an annual meeting held by the Chinese People’s Political Consultative Conference. It’s an advisory body and the National People’s Congress legislative in Beijing.

Although mainly symbolic, these meetings bring together delegates from all over the country to discuss and approve national economic policies. These targets include GDP growth, government spending, unemployment, and inflation.

Two Sessions last approximately one week this year. Proceedings will conclude March 11.