CHINA’S economic planner yesterday expressed confidence in achieving the 6.5 percent annual growth target as domestic consumption is expected to become a stronger force driving economic development.
The 6.5 percent growth target set in this year’s government work report is “attainable” through hard work, said He Lifeng, head of the National Development and Reform Commission, citing China’s economic momentum, resilience, sustainability and market potential.
With further development in emerging industries and modern services, consumption is likely to contribute around 60 percent to economic growth in 2018, He told a press conference on the sidelines of the ongoing annual NPC session.
In 2017, consumption contributed 58.8 percent to growth, nearly four percentage points higher than five years ago.
Investment will contribute one third of this year’s growth as China will also push forward investment, especially on the real economy, he said.
For foreign trade, He said it will grow steadily and support 8 to 9 percent of economic growth as long as the world economy maintains a stable growth.
Through efforts like hosting the first China International Import Expo this year, China is determined to open wider to the world and increase consumption of its fast-growing middle-income group, he said.
He also expected further progress in the supply-side structural reform on the basis of sound achievements in tasks like capacity reduction.