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the country has set a modest target for economic growth this year of around 5%, as it kicked off the annual session of its national people s congress, which is poised to implement the biggest government shake up in a decade. last year, successive strict lockdowns slowed growth in china. official figures show the world s second largest economy grew by 3% last year, which was way below the government target of 5.5% and its slowest for decades. now, compared to many economies, a 5% growth target sounds very positive but as janet mui, head of market analysis at brewin dolphin, explained china is an exception. i think economists were pretty disappointed at this conservative growth forecast, as you mentioned. it is actually a high figure for the developed market, but china is still an emerging market that should be growing strongly. so this is slower than expected, because i think in the previous year the government has missed this gdp growth target and i don t think that ....
Because they are speaking to lawmakers, who are representing their constituents, you can probably expect the risk and to be a of talk aboutjust how difficult inflation is for everyday americans. i think that will be a talking point that almost every single representative is going to mention. find almost every single representative is going to mention. is going to mention. and the challenge is going to mention. and the challenge is is going to mention. and the challenge is that is going to mention. and the challenge is that with - is going to mention. and the l challenge is that with interest rates rising, that is designed to keep a lid on inflation but we know so much of this inflation is not within the control of lawmakers, so whatever the policy is, is not going to make a huge difference. absolutely, and you know that and i know that and a lot of people know that but it s a hard message to go back to your constituency to try and deliver. as much as you get a lot of informatio ....
We already see data showing that the traffic in china has picked up, there is starting to see congestion on the roads. so these are all positive signs that people are going out and about. so the key thing is domestic economy. the headwinds would still be whether the confidence is returning as people anticipated and the youth unemployment is still pretty high. it s at almost i7%. so the government will need to address that. to the us now, where all eyes are yet again on the head of the central bank of the world s largest economy. with fed chairjerome powell due to testify to congress on tuesday and wednesday where he s expected to be questioned on the bank s latest interest rate decision. a decision that often sets the direction of travel for much of the world. samira hussain is in new york for us. what are we expecting to hear? we know rates have been going up around ....
The world, it is made the cost of borrowing for all of us more expensive, externally sign that things might start to ease? i think that s why many things might start to ease? i think that s why many people things might start to ease? i think that s why many people are - things might start to ease? i think| that s why many people are looking forward to this particular testimony. because all the data that s been coming and has been quite mixed you know, there have been some indications that inflation is starting to cool somewhat but it still remains really quite high. the fed chairjerome powell was looking to see more softness in the labour market but the last time we got a labour report, we felt it was absolutely blockbuster in terms of how manyjobs the us economy has created in that last month. so to such a mixed bag that i think a lot of people will be, a lot of lawmakers will be asking some pretty pointed questions about, 0k, what is the fed thinking in terms of inflation and wha ....