China is forecast to fall short of the GDP growth target set by the Chinese Communist Party (CCP) this year. However, Sun Yeli, a spokesman for CCP’s national 20th Congress, stated that GDP growth is not the most important indicator.

In a press conference on October 15, the day before the 20th Congress opened, Sun said that China’s goal is to fundamentally solve the problem of long-term economic development.

Sun Yeli also acknowledged during the press conference that the Chinese economy is facing greater downward pressure.

Many economists have lowered their GDP growth forecasts for China this year. They forecast that China’s GDP could not reach the 5.5% growth target set by the CCP. There are predictions that China’s GDP this year will grow at only 3%.

China’s GDP growth increased by only 0.4% in the second quarter year-on-year. China’s economic growth is so low, according to the Wall Street Journal (WSJ), largely due to CCP’s Zero-COVID policy based on lockdown.

But, Sun Yeli still defended the Zero-COVID policy, saying that based on many aspects, CCP’s anti-epidemic policy is the most effective.

Sun added that Chinese authorities firmly believe that daylight is ahead.

According to the WSJ, dealing with the COVID outbreak is just one of the difficult problems facing the Chinese economy now.

The impact of the conflict in Ukraine, the sharp decline in the real estate sector, and the growing tension with the US are also major issues with potential risks for the CCP in the future.

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