Reaching 2023 GDP growth target requires redoubled efforts: premier Li Qiang

To achieve the 2023 gross domestic product (GDP) growth target of around 5% on the current high base of China’s economic output is no easy task and requires redoubled efforts, Premier Li Qiang said yesterday.

Li said stabilizing economic growth is a challenging task not just for China but for all countries in the world this year given the many factors of uncertainty and instability.

China will keep to the general principles of prioritizing stability and seeking progress while maintaining stability, and push for a turnaround in the country’s overall economic performance, Li told a press conference held after the conclusion of the first session of the 14th National People’s Congress, China’s top legislature.

On stability, the emphasis will be placed on ensuring stable growth, employment and prices, and the key to seeking progress lies in making new advancement in high-quality development, he said.

China will make good use of a number of policy mixes in leveraging macro policies, expanding demand, advancing reform and innovation, and preventing and defusing risks, Li said, adding that the country will enrich, adjust and improve these policies in the course of implementation.

Li pointed out that China’s development is supported by multiple advantages, including a vast market, a complete industrial system, abundant human resources, solid foundation for development, and most importantly, notable institutional strength.

Noting that China’s economy is stabilizing and picking up in the past two months and some international organizations have raised their projections for China’s economic growth this year, Li said he is fully confident in the prospect of the country’s economy.

China will keep to the direction of socialist market economic reform, promote higher-level opening up and inject stronger vitality into development by deepening reform and opening up, Li Qiang said.

Premier Li voiced full confidence in the prospect of the country’s economy.

However, noting that disadvantages are challenging not only China but also the rest of the world, Li said the Chinese people have always managed to pull through difficult times and achieve new progress.

Citing several stories of Chinese heroes, the premier highlighted that Chinese people, with resilience, tenacity and perseverance, have never been overwhelmed by any difficulty.

Li said the economic performance over the past about two months has demonstrated that the Chinese economy is stabilizing and picking up again, and some international institutions have raised their forecasts for China’s 2023 economic growth.

“I believe the Chinese economy will brave the wind and waves and sail toward a brighter future,” Li said. Xinhua