China shouldn’t aim for less than 5% economic growth in 2023, says a central bank official.
BeijingLiu Shijin, a policy adviser to China’s central bank, said on Friday that China’s goal for economic growth in 2023 shouldn’t be less than 5%.
The second-largest economy in the world only grew by 3% in the first three quarters of this year, which is much less than the goal of around 5.5% for the whole year. Analysts think that growth for the whole year will be just over 3%.
Liu, who advises the People’s Bank of China, said at the Caixin Summit, “Right now, it’s important for China’s economic growth to return to a normal path or a reasonable range.”
Related: China’s Singles Day sales dropped 4.7% in the first half of the last day, according to a research firm.
Liu said that economic growth could pick up in the first half of next year if China can get over the effects of COVID-19, take steps to stabilise growth, and boost expectations and confidence.
Chinese government advisers say they will recommend modest economic growth goals for 2023, in the range of 4.5% to 5.5%. This would be an improvement over this year’s growth, but COVID-19 and other problems will still slow things down.
People who take part in government policy discussions say that in December, Chinese leaders will hold a key meeting behind closed doors to plan the direction of the economy.
