China's National People's Congress has set the stage for the country's post-pandemic economic recovery and long-term roadmap under new leadership.

On March 5, retiring Prime Minister Li Keqiang set a conservative 5% GDP growth target for 2023, which is higher than the 3% achieved in 2022, and will help support commodities demand.

But it also signals an uphill task for Beijing in sustaining modest growth amid broader economic restructuring, financial risks from the property sector and global uncertainties.

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