Chinese officials debate on 2023 growth target

Some Chinese officials are questioning whether an economic growth target of around 5% for next year could be too ambitious, although setting a goal at a relatively high level would encourage local governments to shift the focus of their work away from Covid-19 controls to boosting the economy. Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said that in the wake of the easing of lockdown rules, economic growth is clearly more important for the Chinese leadership now. Zhang believes that a growth target of about 5% would be a strong signal to send this message to the public and local officials.