Chinese Premier Li Qiang has announced that this year's target for economic growth is around 5 percent, about the same as last year.

The premier made the announcement at the annual session of the National People's Congress, which began on Tuesday to decide the country's key policies.

President Xi Jinping and other members of the Chinese Communist Party leadership were in attendance, as well as nearly 3,000 regional delegates.

Li said, "The main goals and tasks for economic and social development in 2023 were accomplished."

He also said the government "made solid advances in building a modern socialist country in all respects."

But he said, "Achieving this year's target will not be easy." He stressed the need to "maintain policy focus" and "mobilize the concerted efforts of all sides."

China achieved its GDP growth target of 5.2 percent last year. But economic recovery remains weak due to low growth brought by the zero-COVID policy in 2022.

The International Monetary Fund predicts that China's growth will slow to 4.6 percent this year.

By setting a growth target higher than the IMF estimate, the Chinese government apparently wants to show its readiness to boost the economy.

Li promised to continue proactive fiscal policies to achieve the target.

He said the government will aim for steady growth by fostering new industries in advanced technology, promoting consumption in digitization, environment, health and other fields, as well as attracting foreign investment.

But an issue of concern is a prolonged slump in the real estate sector.

The index of prices of new homes in January dropped from the previous month in 56 of China's 70 major cities. Last year's investment in real estate development plunged 9.6 percent from 2022.

In January, major developer Evergrande Group was issued a liquidation order by a court in Hong Kong. Last month, another major developer, Country Garden, faced a liquidation petition filed by its creditors with a Hong Kong court.

Consumers have become reluctant to buy real estate, a trend further pushing down prices.

Real estate and related businesses are estimated to account for about a quarter of China's GDP.