MNI BRIEF: 5% GDP Target Allows High Quality Growth - NDRC

China’s 2023 national growth target of around 5% can allow for high quality development and the construction of a new development pattern, said an NDRC spokesperson on Monday.

Following the optimisation of epidemic control measures, the economy has steadily improved with a significant rebound seen in tourism, catering and retail services. Among 31 provinces, 23 are targeting GDP growth of 5.5% or more, demonstrating confidence is returning, the NDRC said.

On price changes, geopolitics and imported inflation will bring some uncertainty, but the NDRC said it was “very confident” in achieving its CPI targets given China’s abundant grain supply and reasonable pig production capacity. Commodity supply was viewed as sufficient and energy security as strong.

Measures would be taken to crack down on illegal hoarding, and increase supervision of the spot futures market. Coal production should be stabilised and prices allowed to fluctuate within a reasonable range. The NDRC said it would enhance the exploration and development of domestic oil, gas and mineral resources.