China should set a GDP growth target for 2023 of at least 5%

On Friday, People's Bank of China (PBOC) policy consultant Liu Shijin stated that China's economic growth target for 2023 should be at least 5%.

The world's second-largest economy grew only 3% in the first three quarters of this year. The annual target was around 5.5%. Analysts expect annual growth to be just slightly higher than 3%.

At the Caixin summit, Liu said that China's economic growth needs to return to a normal trajectory and to reasonable limits in the near future.

Liu added that there is a need to meet the conditions for accelerating economic growth in the first half of next year. It is necessary to eliminate the effects of COVID-19 in China, take actions for growth stabilization, strengthen expectations and to give confidence to consumers.

According to Chinese government consultants, the targets for 2023 will be modest. It is expected that the range of economic growth will be between 4.5% and 5.5%. Compared to this year, such values indicate accelerated growth, but COVID-19 and other problems will still cause complications.

According to the officials involved in the public policy debate, at a key conference in December, Chinese leaders will determine the economic course behind closed doors.