China maintains its goal of GDP growth despite coronavirus exposure

Deputy head of the PRC Academy of Social Sciences Cai Fan said that China will be able to achieve its long-term goal of doubling GDP and income this year, despite the consequences of the outbreak of Coronavirus. The epidemic will have only a short-term effect on the country's economy, after which demand will recover quickly, Chinese officials think. 

The economist also noted that the impact of a virus outbreak will slightly reduce growth and other development indicators, but these consequences will not be long-term. According to him, the growth rate of about 5.7% this year will be sufficient to achieve the goal of doubling GDP and income.

Cai also added that the Chinese authorities should use policy tools in a timely and flexible manner, as well as apply «non-traditional policy tools» to support the economy.

It was previously noted that the outbreak of coronavirus in 2020 could reduce China's economic growth by 1 percentage point.