China's 5% GDP goal is 'attainable' but it won't be easy, says Hong Kong's financial secretary

China has set a GDP growth target of “around 5%” for this year, according to its annual parliamentary meeting. The country’s deficit-to-GDP ratio for the year is set at 3%, down from last year’s revised figure of 3.8%. Hong Kong’s Financial Secretary believes that achieving a 5% GDP growth is possible but challenging. He points to the bright spots in China’s export sector and domestic consumption, particularly in developing Asia. Despite slowing global growth, China’s trade with ASEAN countries remains strong. The Chinese government is also focusing on stimulating domestic consumption as a major driver of economic growth. The financial secretary expects the Hong Kong economy to grow further this year, driven by global demand recovery and increased connectivity with mainland China.