China confident to achieve 5% GDP growth rate in 2023, as economy rebound continues in Q4: NBS official
Published: Oct 18, 2023 12:23 PM


China has full confidence in achieving its stated annual GDP growth target of around 5 percent in 2023, with economic growth of 5.2 percent in the first three quarters setting a solid foundation. 

Annual GDP expansion goal will be achieved provided fourth-quarter GDP growth reaches 4.4 percent, Sheng Laiyun, deputy director of the National Bureau of Statistics (NBS), said on Wednesday.

According to NBS data released on Wednesday, the country's GDP grew by 5.2 percent in the first nine months of the year to reach 91.3 trillion yuan ($12.5 trillion).

Sheng said there are positive changes in multiple macro-economic indexes, including economic growth rates, employment, foreign trade, market vitality and business expectations, which underscore the continuous recovery of the Chinese economy in the first three quarters, displaying strong resilience, potential and vitality of the economy.

"It's proved that the central government's macro-economic policies are forceful and effective," he said, urging for more efforts to further implement policies to shore up the basis for recovery. 

"The economy will continue to recover in the fourth quarter and maintain an overall upward trend. We are fully confident that the economy will achieve the preset target of around 5 percent," Sheng said.

From production to demand, and from real economy expectations to day-to-day activity, the Chinese economy has maintained recovery momentum during the first three quarters of the year. Given the sound economic inertia, we believe the economy will continue to maintain stable and upward trend in the fourth quarter, said the official.

A raft of pro-growth policies will continue to produce effects, Sheng said. Since July, China has announced a range of policy commitments, targeting specific sectors ranging from accelerating consumption, private enterprises, and property market, the capital market and foreign exchange market, which are well-aligned and will reinforce one another.

Due to the impact of COVID-19 mobility restrictions, China's GDP grew by merely 2.9 percent year-on-year in the fourth quarter in 2022.