China's economic growth will hit goal despite headwinds, economist Lin Yifu says

(ECNS) - Chinese economist Lin Yifu said on Monday that he is confident China will achieve its economic growth target of 4.5% to 5%, citing structural strengths even as the country faces mounting domestic and global challenges.

Speaking at a media briefing in Beijing, Lin said China's per capita GDP has reached nearly $14,000, with many industries still in a catch-up phase, which provides what he described as a "latecomer advantage." This position allows China to adopt and scale existing technologies more rapidly, supporting continued economic expansion.

Lin added that China's large domestic market, comprehensive industrial system, and advantages in talent and institutions would provide further support for growth, particularly as the global economy enters a new phase shaped by emerging technologies.

At the same time, Lin noted headwinds facing the country, including a sluggish global economic environment and rising trade protectionism.

Domestically, he said, China faces structural challenges such as an aging population, which could weigh on long-term growth.

Despite these pressures, China's development remains the key to addressing such issues, he added.

"China remains committed to opening up and coordinating domestic and international economic cycles, and its growth will create win-win opportunities for other countries," he said.

China has set a growth target of 4.5% to 5% for this year, according to its government work report released at the national "two sessions" this year.

(By Zhang Jiahao)