China 2023 GDP Growth Above 5%

China’s economic growth this year should print above 5%, according to Liu Shijin, deputy director at the Economic Committee of the 13th National Committee. Speaking at a recent conference, Liu said China had potential to increase per capita GDP from US$13,000 to US$40,000 by developing its service industry and upgrading manufacturing and agriculture. Beijing should narrow the gap between low-middle and high income groups to increase consumption. Liu believed structural reforms were more important than macro policy and authorities should implement demand side measures like boosting public services for migrant workers, and supply-side policy such as upgrading traditional industries.