Photo shows an exterior view of the People's Bank of China in Beijing. Photo: Xinhua

China is expected to achieve its annual GDP growth target of around 5 percent this year, the Governor of People's Bank of China Pan Gongsheng said at the opening ceremony of the Financial Street Forum annual conference held in Beijing on Wednesday.

The IMF's raised China's growth forecast to 5.4 percent in 2023, which means the country's projected growth remains well above that of other major economies.

As macro-policies continue to produce effects, the Chinese economy is gaining momentum. Production and consumption continue to recover, employment and consumer prices are stable, while the balance of payments has been basically realized and major economic indexes are moving in a positive direction, Pan said.

There are conditions which will allow the economy to maintain steady growth and prices stable, Pan said.