China is expected to achieve around 5% economic growth this year as the property market improves, according to People’s Bank of China Governor Yi Gang.
(Bloomberg) — China is expected to achieve around 5% economic growth this year as the property market improves, according to People’s Bank of China Governor Yi Gang.
“China’s economy is stabilizing and rebounding, inflation remains low, and the property market is showing positive changes,” Yi said during a Group of 20 meeting of central bank governors and finance ministers in Washington DC, according to a statement released by the PBOC Friday.
The economy is rebounding after Covid restrictions were dropped and infection waves eased, although recent indicators show contradictory signals on the strength of the recovery. The government has set a gross domestic product growth target for 2023 at around 5%, with most economists polled by Bloomberg expecting that goal to be easily met.
Yi also said China is willing to implement the G20’s debt-relief efforts known as the Common Framework along with other parties. The mechanism began in late 2020 to bring traditional creditor nations like the US and France together with emerging creditors including China.
China, the biggest lender to emerging economies, softened its stance over how to restructure debt held by poor nations during discussions on Wednesday at the World Bank and International Monetary Fund’s Spring Meetings, where the G20 meeting also took place.
But Sri Lanka and major creditors on Thursday formally launched talks to restructure the nation’s debt without China, its biggest bilateral lender, in a signal of growing frustration with Beijing’s approach to debt woes in the developing world.
Yi also met with Federal Reserve Chair Jerome Powell on Tuesday in Washington, where they discussed the economic and financial situation in China and the US, the PBOC said Friday, without providing more detail.
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