China's 5% growth target based on confidence, trend

Xu Yiwen Wang Qingchu
China's economic planner is confident of meeting the 5 percent growth target, with tourism, catering and retail services enjoying a rebound since the Spring Festival.
Xu Yiwen Wang Qingchu
China's 5% growth target based on confidence, trend

Officials from the National Development and Reform Commission attend a press conference as part of the ongoing "two sessions" in Beijing on Monday.

China's chief economic planner is optimistic that the country will meet the 5 percent economic growth target outlined in the government work report if the current growth rate is maintained.

Zhao Chenxin, deputy director of the National Development and Reform Commission, claimed that China's economy is robust and has great potential. "Neither the positive trend of long-term, robust economic growth nor the long-term economic fundamentals changed."

Zhao said that 23 provinces, autonomous regions and municipalities have set growth rates of over 5.5 percent, justifying the confidence of a 5 percent national economic growth rate.

The goal is "in harmony with the law of economy," and is also conducive to raising the quality and efficiency of economic growth.

"Economic performance has steadily improved," largely due to optimized COVID-19 preventive and control strategies, Zhao said.

According to Zhao, the significant rebound in tourism, catering, and retail services since the Spring Festival has set the tone for this year's market.

In terms of investment, major projects have been aggressively launched, while policies on specific financial tools, medium and long-term manufacturing loans, and equipment upgrades in critical areas have provided strong support for the economic recovery.

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