According to a central bank consultant and well-known state-affiliated economist. China should work quickly to raise the economy from its recent decline and aim for at minimum 5% growth in the China GDP in 2023. According to Liu Shijin, a member of the PBOC monetary policy committee.
If China can “largely or completely get rid of the implication of the pandemic in first half of next year” & integrate various policies to strengthen the economy, actual growth might be higher than 5% in 2023.
He said that the current pace of expansion. Which is too low is problematic for long-term development goals. Saying that it is now “the urgent need to return growth in the economy to a stable track and sustainable range.”
According to Liu, a prolonged slump will harm productivity. The yuan exchange rate, even cities that were shut down endured long-lasting economic harm.
According to Liu, the situation is improving as a result of recent actions taken to mitigate. The effects of Covid Zero regulations on the economy and lessen the property downturn.
Since it will be challenging for growth to achieve that level this year. The nation should strive for an annual Gdp growth rate of 5% for the years 2022–2033, according to Liu.
Risk of Current Economic Growth
In wake of the severe slowdown in economic growth and experts balloted by prediction of just 3.3% for the year. The government has downgraded its official China GDP target of “about 5.5%” for this year.
At the Caixin conference, a number of additional economists having connections to the state’s pushed the government must address the weak growth.
Senior economic official Yang Weimin urged policymakers to “make a vigorous effort” to restart development in 2023 at the leading political advisory body.
The Chinese People’s Political Consultative Conference. The biggest risk to current economic development is that the growth rate is too slow according to Yang.
Who stated in a speech that the year’s economic growth is not in a reasonable range.
Professor and former PBOC advisor Huang Yiping urged for stronger government spend on public welfare. In order to stimulate consumption in the coming year.
China International Capital Corp.’s top economist, Peng Wensheng, recommended the government to improve COVID regulations and provide subsidies to those who suffered most from the pandemic.