BeIJING - China’s new premier warned Monday that the country’s five percent growth target for 2023 will not be “easy” to achieve. The government set the economic growth target of “around five percent” this month, one of the lowest in decades as China emerged from strict zero-CoVID rules that dragged on its GDP. and Li Qiang— one of Chinese President Xi Jinping’s most trusted allies, confirmed as premier over the weekend— admitted that goal would not be easy. “I’m afraid that reaching our growth target of around five percent will be no easy task, and will require that we redouble our efforts,” Li said at a press conference in Beijing.
China posted just three percent growth last year, missing its stated target of around 5.5 percent by a wide margin as the economy strained under the impact of strict CoVID policies and a property crisis. Li said Monday that the modest figure “has been determined after a comprehensive consideration of various factors”. he warned of “many new challenges” to growth, but added that most people “don’t fix their sights every day” on the country’s growth figures. Instead, he said, they care more about “specific issues close to them” such as housing, employment, income, education and health.
ChINA’S bENChmArk INtErbANk GOld prICES hIGhEr mONdAy
China’s benchmark prices for spot interbank gold transactions were higher Monday, according to the China Foreign exchange Trade System.
The benchmark price for gold that is 99.95 percent pure or above stood at 417.3 yuan (about 60.15 US dollars) per gram, up 2.59 yuan from the previous trading day, while the price for gold that is 99.99 percent pure or above went up 2.27 yuan to 417.73 yuan per gram. Spot transaction prices on the interbank price inquiry market are allowed to rise or fall within 15 percent from the benchmark prices each trading day.
ChINA’S CENtrAl bANk CONtINuES tO Add lIquIdIty vIA rEvErSE rEpOS
China’s central bank continued to inject funds into the financial system through open market operations on Monday. The People’s Bank of China said on its website that it has conducted 41 billion yuan (about 5.91 billion US dollars) of seven-day reverse repos at an interest rate of 2 percent.