China's GDP growth target matches reality, economic regulator says
Updated: March 6, 2023 15:54

China is targeting around 5 percent GDP growth in 2023, in line with the economic operation trends and laws of economic development, the country's top economic regulator said on Monday.

Zhao Chenxin, deputy head of the National Development and Reform Commission, said 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.

China's 31 provinces, autonomous regions and municipalities have set their growth targets for 2023, with 27 of them setting their growth target higher than the national one and 23 targeting at least 5.5 percent, Zhao told a news conference held in Beijing on Monday.

"Their (strong) confidence and pragmatic measures (to stabilize growth) have created conditions and laid a foundation for achieving China's 2023 annual growth target," Zhao said.

In the next step, Zhao said the country will mainly focus on strengthening macro policy regulation and ensuring that the implementation of the strategy to expand domestic demand is integrated with the 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 risk in the property sector, financial risk and local government debt risk, he said.

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