China has maintained its target of GDP growth, despite the impact of coronavirus

China can achieve its long term objective of doubling GDP and revenues this year, despite the impact of the outbreak of konarovice, said the Deputy head of the Academy of social Sciences of China Cai Fang.

the Outbreak will have a short-term impact on the economy, then the demand will quickly recover, Tsai wrote in an article for the newspaper Renmin Ribao.

“Although a temporary impact caused by the epidemic will reduce growth rates and other development indicators, it did not delay the achievement of the goal of building a moderately prosperous society”, — said the economist.

According to him, the growth rate at the level of around 5.7% this year will be sufficient to achieve the goal of doubling GDP and revenues.

the Chinese Government should use policy instruments timely and flexibly and to use “unconventional policy tools” to support the economy, said Cai.

In 2019, the Chinese economy, the second largest in the world, grew by 6.1%. The growth rate was the lowest since 1990.

Earlier this week Deputy Chairman of the National Institute of Finance and development Zeng Gan warned that the outbreak of the coronavirus in 2020 could reduce the pace of China’s economic growth by 1 percentage point.

If the authorities ‘ response to the epidemic is timely and effective, long-term growth trends are not significantly affected, said Zeng.