Nation stays confident of meeting GDP target

Workers assemble doors for new energy vehicles at the Dayun New Energy Vehicle Production Base in Yuncheng, Shanxi province, on Jan 25, 2024. China has the capabilities and confidence to tackle economic problems and meet the country's annual growth target of around 5 percent this year, the country's top economic regulator said on Thursday. Although the broader economy is facing pressure from mounting negative factors from the external environment, lack of effective domestic demand and lingering risks in key sectors, China still enjoys favorable conditions and positive factors supporting economic recovery in the second half, said Zhao Chenxin, deputy head of the National Development and Reform Commission. Experts said the latest key meetings suggest that policymakers will likely mull new incremental policies in the second half, which will significantly help boost market confidence and drive a steady economic recovery for the rest of the year. "With stepped-up macroeconomic policies, more reform measures underway and the ongoing efforts to drive innovation-driven development, China will further boost its internal driving force, gain more competitive edges and further unleash the potential of domestic demand," said Guo Chunli, director of the Chinese Academy of Macroeconomic Research's Economic Research Institute.