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Monday, September 25, 2023

China’s Economic Regulator Predicts Achievable Growth Target for 2023

BusinessChina's Economic Regulator Predicts Achievable Growth Target for 2023

China’s top economic regulator, the National Development and Reform Commission, announced on Monday that the country’s growth target of around 5% for 2023 is both reasonable and achievable. This target conforms to China’s economic trends and will foster high-quality development, according to Zhao Chenxin, the deputy head of the commission. Analysts and business executives also expressed strong confidence in China’s economic prospects, saying that the country has the capability to achieve the annual economic growth target amid improved domestic consumption and increased infrastructure spending.

China’s 31 provincial-level regions on the mainland have set their growth targets for 2023, with 27 of them setting their growth targets higher than the national one and 23 targeting at least 5.5 percent, according to Zhao. He said that setting an annual growth target of around 5 percent can help guide various parties to focus on ensuring better quality and performance while promoting economic growth, form a new development pattern, and foster high-quality development.

The country will mainly focus on strengthening macro policy regulation, maintaining the continuity and consistency of macro policies, and ensuring that the implementation of the strategy to expand domestic demand is integrated with efforts to deepen supply-side structural reform. More efforts will be made to further unleash the potential of household consumption, boost investment, expand high-standard opening-up, and defuse risks in areas such as the property sector, finance, and local government debt, according to Zhao.

Business executives, including Jeffery Liu, the vice-president of United States-based materials science company Corning Inc, are bullish about China’s long-term prospects and see huge growth potential in the ultra-large Chinese market. Li Chunlin, another deputy head of the NDRC, highlighted the strong recovery of mobility and the services industry since the Chinese New Year holiday, saying that consumption will serve as a main driving force boosting China’s economic growth this year.

Overall, analysts are confident that China can achieve its growth targets for 2023, although challenges lie ahead. However, with a strong recovery of mobility and the services industry, increased infrastructure spending, and efforts to boost household consumption and investment, China is well-positioned for continued economic growth.

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