China has full confidence and capacity to cope with unexpected changes caused by the impact of COVID-19 and ensure steady, sound and sustainable economic development, said an official from China’s top economic planner, the National Development and Reform Commission (NDRC) at a press conference on Tuesday.

In response to whether China could achieve the GDP growth target of around 5.5 percent this year, Ou Hong, Deputy Secretary General of NDRC said that China's economy is resilient and has great potential and ample room to maneuver in the face of difficulties.

“We have full confidence in overcoming difficulties and challenges in economic operation, and are capable of coping with unexpected changes to ensure steady, sound and sustainable economic development,” Ou said.

Ou said in view of the recent economic situation, the economy showed marginal improvement in May, and major indicators have rebounded after the epidemic has been effectively controlled in key areas, resumption of work and production has been accelerated, while pro-growth policies continue to be implemented.

In May, the country's industrial output expanded 0.7 percent on May 2021, compared with a 2.9 percent fall year-on-year in April. Consumption contracted 6.7 percent in May, compared with an 11.1 percent drop in April. Fixed asset investment in May picked up 0.72 percent from April.

Experts said that China is still expected to achieve or near this year’s economic targets with more stimulus such as the issuance of special bonds to help COVID-hit sectors.

Lian Ping, head of Zhixin Investment Research Institute, told the Global Times that China’s GDP growth is expected to remain in the range of 4.6 to 4.9 percent for the full year, with a median of around 4.8 percent.

He noted that if China issues 1.5 trillion yuan ($223 billion) of special anti-pandemic bonds it may raise China's economic growth to a range of between 5 and 5.5 percent for the year, which is expected to be close to or achieve the expected growth target.

In 2020, China issued 1 trillion yuan of special treasury bonds to fund stimulus and shore up the economy after the initial impact of COVID-19.