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Central bank governor: China to achieve 5% annual growth target

Xinhua | November 29, 2023

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China's economy has, on the whole, continued to gain momentum in recovery, and is expected to achieve the 5 percent growth target for the whole year, People's Bank of China (PBOC) governor Pan Gongsheng said in Hong Kong on Tuesday.

"I am confident that China will enjoy healthy and sustainable growth in 2024 and beyond," Pan said during a high-level conference co-hosted by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) in Hong Kong.

Looking ahead, the Chinese economy remains highly resilient thanks to its strengths, such as innovation ability, big market, good infrastructure, well-established industrial chains, rich and well-educated human resources, just to name a few, he said.

"So right now we should focus more on improving economic structure, and forming new growth drivers," Pan said. "The ongoing economic transformation will be a long and difficult journey, but it is a journey we must take."

China's consumer price index (CPI), a main gauge of inflation, is gradually bottoming out, he said. "We don't think the fall in food price will sustain and expect CPI to go up afterwards."

The Chinese central bank will continue to keep its monetary policy accommodative to provide support to the economy, he said.

Noting that Hong Kong is one of major international financial hubs in the world, Pan vowed to continue to create an enabling environment for RMB business in Hong Kong, and support Hong Kong's role as an international asset management center and risk management center and its goal to become a fintech and green finance hub in the Asia-Pacific region.

"We believe that, with all its strengths, a favorable policy environment and its talented and hard-working people, Hong Kong's standing as an international financial center will be further enhanced," Pan said.