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China Confident in Meeting 2023 Economic Goals with New Stimulus Measures
China’s top economic planner, Zheng Shanjie, has expressed confidence in achieving the country's 2023 economic and social development targets. At a press conference, Zheng announced that part of the 2025 budget will be issued ahead of schedule this year to support local governments and key investment projects.
A package of stimulus measures introduced in late September has propelled Chinese shares to two-year highs, driven by renewed investor optimism after the National Day holiday. Economists are expecting further fiscal support to maintain this momentum.
Economic Challenges and Government Response
While China's economy remains stable, Zheng acknowledged growing internal and external challenges, including intensified competition in some industries. To support growth, the government will allocate 100 billion yuan ($14.12 billion) from next year’s central budget and another 100 billion yuan by the end of 2023 for critical projects.
Zheng stressed the importance of accelerating fiscal spending and reinforcing macroeconomic policies to counter mounting downward pressures on the economy.
China's Growth Target
Despite setting a 5% growth target for 2023, economic indicators show slowing momentum since the second quarter. In response, China unveiled its most significant monetary stimulus package since the COVID-19 pandemic, including measures to stabilize the property market. This reflects the government’s increasing efforts to avert an economic downturn.
A vice-chairman of the National Development and Reform Commission (NDRC) affirmed that China’s economic growth has remained "generally stable" throughout the first three quarters of 2023, despite the challenges ahead.
