China confident to achieve 2024 GDP growth target: official

China's 2024 GDP growth target of around 5 percent is an achievable goal via enhanced efforts, head of the country's top economic planner said on Wednesday.

China has the confidence, capabilities and conditions to meet the economic and social development targets for this year, Zheng Shanjie, director of the National Development and Reform Commission (NDRC), told a press conference held on the sidelines of the ongoing Two Sessions.

Zheng mentioned that China plans to issue ultra-long-term special government bonds starting from 2024, which will help shore up investment and consumption, and lay the foundation for long-term high-quality development.

The funds raised through these bonds will mainly support areas such as scientific and technological innovation, integrated urban-rural development, coordinated regional development, food and energy security, and high-quality development of the population.

Fiscal and monetary policy

China has a rich toolbox of monetary policy and there is still ample policy headroom, Pan Gongsheng, governor of the People's Bank of China, said at the press conference.

"We will pay more attention to striking a balance between the short term and the long term, between seeking steady growth and preventing risks, and between internal equilibrium and external equilibrium in our monetary policy regulation," he said. 

Meanwhile, finance minister Lan Fo'an stressed that China will appropriately enhance the intensity of the proactive fiscal policy, and improve its efficiency and effectiveness.

Priority on structural tax and fee reduction policies will be given to support scientific and technological innovation and the development of the manufacturing sector, Lan said.

Securities supervision

Openness, fairness and justice are the utmost principles of the market, which regulators should pay particular concern to, head of China's top securities regulator said at the press conference.

Protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the most important task for the China Securities Regulatory Commission (CSRC), said Wu Qing, chairman of the CSRC.

Foreign trade

China is seeing positive signs in exports and imports despite a challenging global trade environment, said commerce minister Wang Wentao.

Wang said China's export categories are moving up the value chain, and expressed confidence in the strong fundamentals of China's economy in consolidating foreign trade and investment.

(Source: Xinhua with edits; Cover via CFP)