China's central bank governor says the country is on track to achieve its annual GDP growth target of around 5%, but some economists are concerned that the government's growth objective might be challenging to meet.
China is anticipated to achieve its annual gross domestic product GDP growth target this year, with a focus on transitioning to a high-quality and sustainable expansion model, according to People’s Bank of China Governor Pan Gongsheng, as stated in a speech posted on the central bank’s website. Beijing had set a growth target of around 5 percent for the current year.
But some economists predict that China’s economy will grow at less than 5 percent in both the current year and the following year, as the property market, once a cornerstone of the world’s growth, faces challenges. Citigroup projects a 4.3% growth rate for 2023, while Barclays and ING anticipate a slightly higher 4.5%. Berenberg and Morgan Stanley are even more bullish, forecasting a robust 4.7% growth for the same period.
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