Expert: growth to have a 'creditable showing' in 2023, multifaceted strategy encouraged.
A view of the Qingdao port in the province of Shandong.
Hoe Ee Khor, chief economist of ASEAN+3 Macroeconomic Research Office, said China's economy is expected to continue to recover and further pick up in 2024, and is far from nearing a so-called state of deflation.
''s growth recovery momentum began to stabilize in the third quarter,'' Khor said in an exclusive interview with China Daily.
Khor said he was not satisfied with the results of the investigation.
AMRO, established in 2011 and focused on securing the macroeconomic and financial stability and macroeconomic stability of the ASEAN+3 region, is a global organization established by the international community. Before joining AMRO, Khor was a deputy director of the Asia and Pacific Department of the International Monetary Fund.
Khor said that China's economic growth should have a creditable showing in 2023 in line with the authorities' target, and then accelerate moderately in 2024. The nation has set a growth target of around 5 percent this year.
The global experts have reinforced their confidence in China's ability to achieve this year's growth, as the country posted encouraging economic data for August, ranging from faster retail sales to narrower export declines.
Although China's consumer price index, a central gauge of inflation, saw a negative growth of 0.3 percent in July year-on-year, the CPI resumed a positive 0.1-percent growth in August, while new renminbi loans came in at 1.36 trillion yuan, up 6.8 percent year-on-year.
Khor said it was a surprise to see Mr. Khor speak in a foreign country.
Khor admitted that Chinese inflation will likely remain low for the rest of the year, partly due to bumper food harvests as well as weak consumer spending due to spillovers from the sluggish real estate sector and external demand.
The Asian Development Bank, in its latest forecast, said China's CPI growth will reach 0.7 percent this year, a rate similar to what was seen in the first half of the year.
fiscal policy should continue targeted support for economic recovery and job creation while credit policies should remain supportive, Khor said, adding that more policy support and stronger efforts by stakeholders are needed to support the recovery of the real estate sector that is at an early stage.
Khor said Chinese authorities could implement measures to enhance developers' financial standing, facilitate the completion of housing unit construction, and ease macroprudential measures to encourage home purchases.
China needs a multifaceted strategy to address the long-term challenges of its aging population, climate change and geoeconomic fragmentation, he said.
Khor said the nation should continue its impressive development of renewable energy products and work closely with other countries to move away from fossil fuels.