China can achieve 5% economic growth in 2024, central bank adviser says

China is able to achieve economic growth of 5% in 2024, Wang Yiming, a policy adviser to the central bank, said on Tuesday.

China’s economy is likely to grow 5% next year, if investment rises 4-5%, consumption rises 6-7%, and exports return to growth, Wang told an economic forum in Beijing.

China has space to step up support for the economy, given that its central government debt burden is relatively low and consumer prices are also low, Wang said.

China’s consumer prices fell at the fastest rate in three years in November.

Wang said China may be able to cut interest rates as the Federal Reserve has likely stopped raising its own rates, although a wide interest rate gap between the two countries and worries about the impact on banks could act as constraints.

At the annual Central Economic Work conference held from Dec. 11-12, Chinese leaders pledged to adjust policy to support an economic recovery in 2024.

China’s growth is expected to hit the government’s target of around 5% this year.
Source: Reuters