vintage coca cola tin box factory

A batch of new energy vehicles is about to be exported at the Port of Suzhou on December 13, 2023. Photo: VCG

Ning Jizhe, a member of the standing committee of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and the former chief of the National Bureau of Statistics, expressed his confidence in China achieving the GDP growth target of about 5 percent this year, while dismissing hype about the Chinese economy entering a recession.

Ning, who is also the deputy director of the Economic Affairs Committee of the CPPCC National Committee, made the remarks in an exclusive interview with the Global Times on Wednesday.

China has set its 2024 GDP growth target at about 5 percent, according to the Government Work Report submitted on Tuesday to the national legislature for deliberation.

Setting a goal of achieving around 5 percent GDP growth requires a proactive approach as it will involve hard work, overcoming obstacles and challenges. However, with determination and perseverance, this goal can be successfully achieved, Ning said.

Ning said that his confidence comes from China's huge market, complete industrial system and push for technological innovation. The unstoppable trend of globalization and the new wave of technological revolution also offer favorable conditions for China's development.

Ning noted that an economic growth target of around 5 percent effectively refutes negative narratives about the Chinese economy.

The "China economic recession" theory has been circulating for decades and it resurfaces whenever China faces key development challenges. However, facts have proven that every time, China has overcome difficulties through reform, opening-up and transformation, Ning said.

Ning highlighted China's resilience in the face of past economic challenges, such as the Asian financial crisis in the late 1990s and the global financial crisis in 2008, and he expressed optimism in China's ability to navigate challenges.

"Despite the challenges, China is currently in a phase of transitioning growth drivers, changing development modes and optimizing its economic structure. I am confident that we can achieve a GDP growth target of about 5 percent this year," Ning said.

He also dismissed claims that China's economy has peaked. "This is not only an unscientific judgment, but also a malicious attempt to discredit China. Among those who hold this view, some are ignorant of the situation," Ning said.

Ning emphasized that although China's per capita GDP reached about $12,700 in 2023, it is still the world's largest developing country, with significant room for development and potential for further growth.

The GDP growth target of about 5 percent was set based on scientific reasoning and aligns with the long-term development goals laid out in the 14th Five-Year Plan (2021-25). This is a target that can be achieved through utmost endeavor, Zheng Shanjie, head of the National Development and Reform Commission, China's top economic planner, said at a press conference on Wednesday.

The favorable conditions for China's economic development this year are stronger than the unfavorable factors, and China's economic rebound will be further consolidated and strengthened, Zheng said.

Zheng noted that China will expand macro regulation this year. Incremental policies such as large-scale equipment upgrades, trade-ins for consumer goods, and the issuance of ultra-long special-purpose treasury bonds will be implemented to support economic stability.

Positive momentum in the economy emerged in the first two months of this year, with indicators such as electricity consumption and consumer spending showing strong growth, paving the way for growth in the first quarter.

Industrial electricity usage expanded by 9.7 percent in the first two months of 2024, while the number of domestic tourist trips during the Spring Festival holidays shot up by 34.3 percent year-on-year, with a gain of 19 percent from 2019.

It's believed that imports and exports in January and February continued the growth trend that began in October last year, officials said.