China’s Securities Daily reported on Monday that six Chinese cities announced GDP growth targets for next year, with the majority targeting 5.5% to 7% in the hope that changes in government policies will lead to economic recovery.

Key quotes

According to the reporter's incomplete statistics, as of January 8, at least six cities including Jinan, Qingdao, and Changsha have announced their GDP growth targets for 2023, and the values ​​​​are concentrated between 5.5% and 7%.

"Judging from the 2023 economic development goals determined by various places, they are generally full of confidence in economic recovery."

Market reaction

Amidst upbeat reports from China, AUD/USD is holding ground near four-month highs at around 0.6900, up 0.45% on the day.