Shou Xiaoli:

The floor is open for questions now. Please identify the media outlet you represent before raising questions.

China Media Group:

Since the beginning of this year, China's economy has continued to recover, with a bump in both investment and consumption. Will such economic recovery continue in the future? What do you think of the 5% annual GDP growth target ? What measures will the NDRC take to help achieve such a goal? Thank you. 

Zhao Chenxin:

Thank you for your questions. Your questions cover three specific issues: whether the economy will continue its recovery, how to comment on the growth target of around 5%, and what measures will be adopted to help achieve the goal. I will answer them one by one.

Over the past three years, China has fought an extraordinary battle against COVID-19. Our practices have fully demonstrated that the Party Central Committee's major judgments on the pandemic, major decisions on pandemic-related work, and major adjustments to response strategies were appropriate. Its effective measures have been recognized by the people and helped deliver great effects. Under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, China has achieved major decisive success in preventing and controlling the COVID-19 pandemic. At present, indeed, as you mentioned, as COVID-19 response measures have been improved and adjusted, and policies have been implemented effectively, leading to an accelerated resumption of transportation and logistics, and a steady improvement in economic operation. You also mentioned consumption and investment. We have seen sound momentum in consumption since the Spring Festival. Consumption related to tourism, transportation, restaurant, and retail services has increased substantially, laying a solid foundation for the first quarter of 2023 and even the entire year. From the perspective of investment, a host of major projects have started across the country recently. Measure, such as policy-backed and developmental financial instruments, medium- and long-term lending to the manufacturing sector, and equipment upgrading in key areas, have effectively ensured that projects are bolstered by funds and production factors. Such efforts have provided strong support to the economic recovery. All of the above have fully proved that China's economy has strong resilience and enormous potential, and the sound momentum for its sustainable and healthy economic growth has been maintained. Moreover, the fundamentals of China's economy remain unchanged, and they will maintain long-term growth. 

We can view the annual growth target of around 5% from three aspects. First, China remains a developing country with development high on its agenda. We need to keep long-term economic growth within a proper range on the basis of improving the quality and effectiveness of the development so as to achieve the targets and fulfill the tasks set at the 20th CPC National Congress. Meanwhile, we also need to maintain a certain growth rate to promote and expand employment, improve people's well-being, and fend off and defuse risks. Second, the target of around 5% is in accordance with economic development trends and the law of economic development. It is also conducive to guiding all sectors of society to put more focus on improving both the quality and the efficiency of economic growth so as to accelerate the building of the new development paradigm and promote high-quality development. Third, local governments have shown confidence in growth and have geared up for development. Moreover, people's congresses at the local level have made their economic growth target for this year. Based on our statistics and analysis, 27 of China's 31 provinces, regions, and municipalities directly under the central government have set a growth target higher than the national one, with 23 provinces aiming at 5.5% or above. Their strong confidence and practical measures have contributed to favorable conditions and laid a solid foundation for realizing the growth target of the country.

The third question is, what measures should be taken? The Central Economic Work Conference has laid out a comprehensive plan for this year's economic work. The next step is to work with other stakeholders to take substantial and meaningful measures to implement those decisions and arrangements of the Party Central Committee. Generally speaking, the overarching goal is to achieve both stability and progress, firmly implement the guidelines on better coordination in six aspects emphasized by General Secretary Xi Jinping at the Central Economic Work Conference, and prioritize stabilizing growth, employment and prices. Specifically, we should focus on the following five priorities. First, we will intensify our macro-policy control and regulation, ensuring that policies are consistent, coordinated, effective, and targeted; increase linkage and coordination between various policies; and conduct evaluations to ensure their consistency with the direction of macro-policies. Last year, under the arrangements of the CPC Central Committee and the State Council, we successfully conducted consistency evaluations and achieved positive outcomes. This year, in accordance with the requirements of the CPC Central Committee and the State Council, we will do a better job in this consistency evaluation based on our experiences to ensure policies form synergies and work together effectively to achieve our targets. Second, we will coordinate our efforts to expand domestic demand with the deepening of supply-side structural reform to fully unleash the potential for consumer spending. We will also promote investment to achieve substantial progress, intensify our work in implementing the innovation-driven development strategy, accelerate the development of a modern industrial system, and meet, lead, and create new demands through higher-quality products and services. By doing so, we aim to promote a virtuous cycle of supply and demand at a higher level. Third, we will work towards building a more advanced socialist market economy system and further enhance our level of openness to continually stimulate development momentum and vitality. Fourth, we will coordinate development and security, prudently handle and resolve risks in areas such as real estate, finance, local government debts, and effectively enhance our security capabilities in fields such as grains, energy resources, and major industrial and supply chains. Fifth, we will implement solid and targeted employment-first policies, strengthen basic public services, and continuously safeguard and enhance people's livelihoods. Meanwhile, we will further enhance economic monitoring, predictions, and early warning, conduct early policy analyses before their implementation, enrich policy tools, prepare for worst-case scenarios, and be better equipped to address complex and difficult situations. We will maintain a firm hold on the initiative in our work and promote overall improvements in economic performance.

That concludes my remarks. Thank you.