The People's Bank of China (PBOC) Governor Yi Gang on Wednesday said he was confident that the country would be able to achieve its annual growth targets at a symposium held during his inspection in Shanghai. 

Anticipating the country's second-quarter GDP growth to be "relatively high" due to base effects, Yi also predicted a gradual pickup in consumer price index (CPI) growth in 2023, and expected the annual inflation will surpass 1 percent by December.

The central bank governor highlighted that following the impact of the COVID-19 pandemic, China's economy is in recovery, with production activities resuming and market entities restoring their balance sheets.

Yi also noted that the recent monthly CPI and producer price index (PPI) declines were fueled by a high base effect and a different pace in supply and demand recoveries.

He also stressed that China's domestic production is on a swift rebound, overcoming even subdued demand for large consumer goods fueled by robust economic stability policies.

Emphasizing a holistic view of the economy's cyclical process, Yi noted that consumer spending was on the rise, with retail sales of consumer goods seeing an 8.5-percent increase from January to April. 

This growth in consumer expenditure will stimulate more consumption by translating into income for businesses and workers, solidifying confidence in achieving the year's growth targets.

Yi also reiterated PBOC's commitment to robust monetary policies and staunch support for the real economy. He urged for improved financial services, backing for private small enterprises, rural revitalization, technology-driven businesses, and green development to foster high-quality growth.