China Faces Economic Headwinds, Vows Measured Policy Support

China acknowledges economic slowdown and rising challenges after missing growth targets.
Leaders pledge prudent adjustments to support growth, especially in property, consumption, and employment.
Policies aim to expand domestic demand and stabilize debt risks without major stimulus.
Markets react positively to promises of measured support for ailing sectors.
Lower official growth target of 5% for 2023 signals shift to quality over quantity.