Chinese President Xi Jinping has vowed to achieve the economic growth target this year despite Covid-19’s zero policy and weak housing market making the goal far out of reach.
Speaking at the virtual BRICS Business Forum on Wednesday, Xi said China would strengthen macro policy adjustments and adopt more effective measures to achieve those targets.
Even so, economists predict Beijing will not be able to reach its 5.5% growth target for the year.
According to a new Bloomberg survey, the economic outlook is seen to decline to 4.1% in 2022, with a contraction expected in the second quarter from the previous three months.
Xi described the steps taken by China to fight Covid as not only protecting the lives and health of the people, but also stabilizing the foundations of economic and social development as much as possible.
Coronavirus closures since March in major cities such as Shenzhen's technology hub, Jilin car manufacturing center and Shanghai's financial hub have disrupted many business and consumer activities as well as affected the supply chain.
Although the sanctions have been eased and economic activity resumed, the recovery is likely to slow as China still maintains control measures to curb the epidemic.
