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MNI BRIEF: China To Meet 5% Target, Monetary Policy Has Room

MNI (Singapore)
(MNI) Beijing

China can achieve its economic target of “around 5%” growth this year and monetary policy has room to maneuver as inflation remains mild, said Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, at the China Development Forum 2023 on Saturday.

The global industrial supply chain is restructuring and the foundation of China's economic recovery is not solid, the senior official said. He warned there was the risk of stagflation in the world economy and some countries had sharply tightened their monetary policies, creating spillover effects such as bank failures, external debt distress and financial market turmoil.

Efforts would be made over the medium to long-term to overcome external containment and suppression, and population reduction and ageing, he said. China would establish a fertility support policy and an elderly care service system, continue to maintain a high level of openness to the outside world and achieve "higher quality, more sustainable and more secure development", he said.


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