The head of the People's Bank of China, Pan Gongsheng, has expressed confidence in China's economic recovery, saying it will reach the government's 5 percent growth target by the end of the year. Speaking at a conference in Hong Kong, he pointed to the strengths of the Chinese economy, such as innovation, a large market and well-developed infrastructure.
Pan encourages the improvement of the economic structure and the creation of new drivers of growth in order to complete the process of economic transformation faster. He emphasized that the People's Bank will continue to ease monetary policy to support the economy and defined the role of Hong Kong as one of the key international financial centers.
While Pan expressed optimism, some Western experts expressed doubts about achieving the target of 5% growth, pointing to challenges such as the slow recovery of domestic consumption and industrial production after the COVID-19 pandemic, declining exports and problems in the real estate market.
