According to the results of the current year, the growth rate of China’s gross domestic product (GDP) may be higher than the projected 5% level and reach 6% by the end of December. Words from Chen Fengying, former director of the Center for World Economy at the China Institute of Contemporary International Relations opens RIA News.
On March 5, Reuters reported that the Chinese government established The GDP growth target for 2023 is about 5%. This level is planned to be reached despite the negative consequences of the so-called “zero tolerance” policy towards the spread of the coronavirus in the country.
“Personally, I think the growth will be 6 percent because we have a very low baseline. Last year we set a target of 5.5%, but only 3% was achieved, 2.5 percentage points were not realized, this core value should be reinstated by the end of the current year.”
Such dynamics may be particularly affected by the near-complete end of the coronavirus pandemic in China. This factor could add a few more percent to the potential growth of the Chinese economy in 2023.
“The coronavirus epidemic is almost over, we are back to a normal state, we can realize the potential growth indicators, the same 4.5-4.6 percent and two more points above, that’s six,” he said.