China is confident it will meet its 2023 economic growth target through diligent efforts, according to a senior official from the National Development and Reform Commission (NDRC).
The government has set an economic growth target of around 5% for 2023, as outlined in a work report submitted to the national legislature.
“China is still a developing country, and development is the top priority,” said Zhao Chenxin, deputy head of the NDRC, during a press conference.
Zhao emphasized that maintaining reasonable economic growth is crucial for boosting employment, improving living standards, and mitigating risks.
The 5% growth target aligns with current economic conditions and aims to accelerate the creation of a new development paradigm while promoting high-quality growth, Zhao noted.
This target will guide all sectors to prioritize enhancing the quality and efficiency of development.
Zhao highlighted that China’s growth prospects are bolstered by a rapid recovery in consumer markets, with significant rebounds in tourism, catering, and other services since the Spring Festival holiday.
The easing of COVID-19 restrictions has led to increased mobility of people and goods, indicating a faster economic recovery. “China’s economy is steadily improving,” Zhao said, expressing confidence in meeting the 2023 growth target.
Reflecting on 2022, Zhao mentioned that China achieved a 3% economic expansion, outpacing the 2.1% growth rate of the United States and some other major economies.
China adheres to a win-win strategy of opening up, actively engaging in global economic activities, and advocating for common development worldwide. “China welcomes the people of other countries aboard the express train of the country’s development,” Zhao added.
Regarding foreign investment, Yang Yinkai, another deputy head of the NDRC, stated that China will continue to open up key sectors such as telecommunications, the internet, education, culture, and medical care in an orderly fashion.
China will also encourage increased foreign investment in advanced manufacturing, modern services, energy conservation, environmental protection, and the central and western regions, as well as northeast China.
As a strong supporter of high-level openness, China will welcome foreign investment “in a more open and inclusive manner,” Yang emphasized.
