China’s central bank governor said on Wednesday that the country will achieve its 5% growth target for this year as there has been stronger economic momentum recently, with production and consumption recovering, employment stable and improving price conditions.
Pan Gongsheng, president of the People’s Bank of China, made the remarks during a speech at the 2023 Financial Avenue Forum Annual Conference. Economic transformation continued to advance, high-tech investment maintained rapid growth, and final consumption contributed 83% to economic growth in the first three quarters, Pan said.
As China’s gross domestic product (GDP) has surpassed 120 trillion yuan ($16.72 trillion), an annual growth rate of 5 percent is undeniably robust, said Pan, adding that it is more important to achieve sustainable development and high quality and promote economic transformation than seeking a high growth rate.
The International Monetary Fund (IMF) revised its growth forecast for China to 5.4% on Tuesday. “The Chinese economy is on track to meet the government’s growth target in 2023, reflecting a strong post-COVID recovery,” says an IMF statement.