Economists express confidence in growth this year
China DailyAn employee of an engineering equipment manufacturer in Nanjing, Jiangsu province, works on Thursday at the company's production line. Although the broader economy is still facing challenges from the lack of demand and a complicated external environment, he said, "The momentum of China's economic recovery is poised to undergo further consolidation in 2024, propelled by robust policy support, the advancement of industrial transformation and upgrading, and the continuous deepening of reforms." Tian Xuan, associate dean of Tsinghua University's PBC School of Finance, said he forecasts that the annual GDP target, to be announced during the two sessions, and the final growth rate of the country will be around 5 percent, indicating better economic performance this year than in 2023. Ayhan Kose, the World Bank's deputy chief economist and director of the Prospects Group, said the challenge that China faces is to switch from investment- and export-driven growth to growth led by consumption and services. Ning Jizhe, vice-chairman of the China Center for International Economic Exchanges, said the conference mapped out priorities for this year's economic work, especially in terms of boosting consumption.