Editor"s note: China set its target for GDP growth at around 5 percent in 2023, according to the Government Work Report read at the opening meeting of the first session of the 14th National People"s Congress in Beijing on Sunday. Experts have weighed in on this goal and its feasibility. Let"s see what they had to say.
Wang Wei gives a report on China"s economic development in Beijing on Dec 6, 2021. [Photo/VCG]
(资料图片仅供参考)
China"s target of GDP growth of around 5 percent in 2023 is reasonable and positive.
Raising the growth rate from 3 percent in 2022 by about two percentage points will help society strengthen its confidence, stabilize its expectations, build consensus among all sectors and better promote economic development.
Zhao Chenxin, deputy head of the National Development and Reform Commission. [Photo/VCG]
The annual economic growth target of around 5 percent can be understood in three aspects:
First, China is still a developing country, and development is the top priority. The country needs to maintain long-term economic growth on the basis of improving the quality and efficiency of development.
Second, the target of around 5 percent is in line with the trend of economic performance and the law of economic development. It will help guide all sectors to pay more attention to improving the quality and efficiency of economic development, accelerating the establishment of a new development pattern and promoting high-quality development.
Third, with strong confidence and momentum, all regions have set their own economic growth targets for this year. Confidence in development and practical measures taken by all localities have laid the foundation for the realization of the national target.
Gong Liutang, professor at Peking University"s Guanghua School of Management. [Photo/VCG]
The GDP growth target of around 5 percent set out in the Government Work Report for this year should be fully achievable.
The Chinese economy showed strong resilience, reflected by the GDP reaching 121 trillion yuan ($17.95 trillion) last year — second in the world — and per-capita GDP exceeding 85,000 yuan, continuing to remain above $12,000 despite many challenges.
By setting GDP at a reasonable level, China can guide market expectations, boost consumer confidence in income and consumption and empower entrepreneurs to invest. Increased consumption will lead to investment from entrepreneurs, which in turn will boost employment and incomes, forming a virtuous circle.
This year"s GDP growth target of 5 percent can also better ease the current employment pressure.
The economic data in the first two months of this year has been relatively strong. The PMI (purchasing managers" index) showed strong recovery in February, and consumption and tourism data also picked up sharply, indicating businesses and individuals are relatively optimistic about the economic situation.
Therefore, the target of 5 percent GDP growth is achievable with the gradual implementation of various national policies and effort from all sectors of society.
Zhang Xueyong, dean of Central University of Finance and Economics" School of Finance. [Photo/sf.cufe.edu.cn]
The target of 5 percent GDP growth reflects China"s commitment to economic development, sending a positive signal to the market, boosting confidence and guiding expectations.
A GDP growth rate of 5 percent is a moderate target and is basically in line with the 2035 target. It is also in line with the country"s current economic growth potential. It can be supported by resource factor conditions, and it can be realized through hard work.
Yu Miaojie, president of Liaoning University. [Photo/China Daily]
"Setting the GDP growth target at around 5 percent is moderate and there should be no doubt the goal can be achieved. I am fully confident in the future economic development," said Yu Miaojie, president of Liaoning University.
Yu is relatively optimistic about China"s foreign trade this year and believes that although it may start low in the first quarter, it will increase afterwards.
This year"s foreign trade is conservatively expected to reach 48 trillion yuan, and may even reach 50 trillion yuan, Yu said.
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