China can achieve 5% economic growth in 2024, central bank adviser says
A general view of Beijing's central business area, China, on Nov 21, 2018. (Photo: REUTERS/Jason Lee)
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BEIJING: China is able to achieve economic growth of 5 per cent in 2024, Wang Yiming, a policy adviser to the central bank, said on Tuesday (Dec 19).
China's economy is likely to grow 5 per cent next year, if investment rises 4-5 per cent, consumption rises 6-7 per cent, 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 per cent this year.
