China should set 2023 economic growth target no lower than 5%: central bank adviser

CHINA should set its economic growth target no lower than 5 per cent for 2023, Liu Shijin, a policy adviser to its central bank, said on Friday (Nov 18).

The world’s second largest economy grew just 3 per cent in the first three quarters of this year, well below the annual target of around 5.5 per cent. Full-year growth is widely expected by analysts to be just over 3 per cent.

“Currently, it’s pressing for China’s economic growth to return to a normal track or a reasonable range,” Liu, who advises the People’s Bank of China, said at the Caixin Summit.

Economic growth could pick up in the first half of next year, if China is able to shake off the impact of Covid-19, take steps to stabilise growth and shore up expectations and confidence, Liu added.

Chinese government advisers say they will recommend modest economic growth targets for 2023, ranging from 4.5 per cent to 5.5 per cent, representing a pickup from this year’s growth, but still hobbled by Covid-19 and other challenges.

Chinese leaders will chart the course for the economy at a key closed-door conference in December, individuals involved in government policy discussions have said. REUTERS