Foresight 2023: Consumption to drive China's economic growth

Editor's note: As part of our special coverage on the 2023 Two Sessions, CGTN is launching a special series called Foresight 2023 to help you better understand the state of the Chinese economy. We talked to several top economists of leading financial institutions to get their perspectives on the country's growth, trade, investment, and development prospects.

Expanding China's domestic demand will be a main focus of this year's economic work as the country sets its economic growth target at 5 percent for 2023. "Promoting consumption, increasing income and stimulating investment" has been stressed in the first chapter of the Chinese government work report this year. Yu Xiangrong, the chief China economist at Citi, tells CGTN that consumption will be the leading driver of China's growth this year, forecasting that GDP growth will exceed the target to reach 5.7 percent in 2023.

Read more:

Foresight 2023: Financial stability, economic security essential to maintain economic growth

Foresight 2023: China prepared to balance risk management, economic growth 

Foresight 2023: China's foreign trade shows remarkable resilience, surpasses expectations 

Foresight 2023: China to attract more FDI with clear opening-up messages

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