By Joe Cash and Ellen Zhang
BEIJING (Reuters) – China confident of meeting its 2023 growth target as economy picks up, deputy governor The state’s economic planner said on Monday after its parliament set a modest growth target of around 5 percent for this year.
Domestic stock indexes opened weak on Monday after the world’s second-largest economy failed to set itself more ambitious growth targets at the opening of this year’s annual session of the National People’s Congress.
China’s economy had one of its weakest performances in decades last year, when gross domestic product (GDP) grew just 3% under strict COVID-19 Squeeze of control, a crisis
Thanks to changes in the epidemic prevention and control policy, personnel and logistics are recovering at an accelerated pace, Zhao Chenxin, deputy director of the National Development and Reform Commission, said at a news conference on Monday. A good start, he added.
“China’s economy is improving steadily,” Zhao said, adding they were “full of confidence” in achieving the economic growth target.
“The target of around 5% is in line with the current economic development momentum…it is conducive to guiding all parties to focus on improving the quality and efficiency of economic development.”
At the same time, Zhao said, The government will also “coordinate development and security, and properly address risks related to real estate, finance and local government debt.”
Work report, highlighting government concerns over a slowing global economy, local government debt and persistent problems in the real estate sector.
” Regarding the main tasks for the new year, the government work report uses a whole section to emphasize the effective prevention and resolution of major economic and financial risks. It was specifically discussed in last year’s government work report,” Nomura analysts said in a note. From the perspective of the zero new crown policy, Li Chunlin, another deputy director, reiterated that China will have a bumper harvest this year, with sufficient pig production capacity and guaranteed energy security.