MNI BRIEF: China GDP Bounce in Q2 Before Q3 Peak: PBOC Advisor

China's economy should rebound in the second quarter, boosted by the People's Bank of China's latest easing policies, with growth this year likely to peak in Q3, Liu Shijin, a member of the central bank's monetary policy committee told reporters.

“Considerable efforts” are needed to reach the GDP target of around 5.5% in 2022 as the country faces pressure from soft demand, pandemic-disrupted supply and a weakened outlook," said Liu, who is also a member of the Chinese People's Political Consultative Conference.

For longer-term growth, China needs new growth engines, such as building up economic zones around big cities, Liu said. Regional economic zones can contribute to over 70% GDP growth in the future, so they are crucial to ensuring 5-5.5%/year growth in the next five years, Liu said.