China's central bank adviser predicts GDP growth above 5% in 2023

China's economy is likely to grow above 5% next year, according to an advisеr to the People's Bank of China. But this is only possible if the Covid issue is resolved and the government pursues a more effective policy that stimulates confidence and consumption growth. 

Assumed gross domestic product growth is the latest forecast by Wang Yimin, a prominent Chinese economist and member of the monetary policy committee of the People's Bank of China. He was speaking by video link at a conference organized Wednesday by the Hong Kong Institute for Monetary and Financial Research. Right now, the government is trying to stimulate a recovery in economic activity after a slowdown this year. 

Wang said the Bank of China may have more room to adjust monetary policy in the first half of next year. That's assuming the Federal Reserve slows the pace of aggressive interest rate hikes. 

Economists surveyed by Bloomberg forecast Chinese GDP growth of 3.3 percent this year — one of the lowest levels in decades — and then growth to just under 5 percent next year.