China to Hit 5% GDP Growth Target for 2023, PBOC Chief Says

China’s GDP is expected to “achieve the 5% growth target for the whole year,” central bank Governor Pan Gongsheng said Tuesday, citing an economic recovery that has continued to gain momentum.

Consumption’s contribution to GDP has been on the rise, and the services sector is doing well, Pan said at a conference co-hosted by the Hong Kong Monetary Authority and the Bank for International Settlements.