Hong Kong deputies attending the annual “Two Sessions” meetings in Beijing on Thursday voiced support for the country’s economic growth target of between 4.5 percent and five percent this year, saying it was a reasonable forecast given the current geopolitical instability.

Henry Tang, former financial secretary and a local Chinese People's Political Consultative Conference (CPPCC) Standing Committee member, said he was confident the country could meet the target.

“I believe the forecast for this year at 4.5 percent to five percent is a reasonable forecast. Last year we achieved five percent growth despite the circumstances being quite challenging,” he said.

“It is a reflection and a ratification of the country's leadership and the party's leadership. So I am confident that we will be able to achieve the forecast growth.”

Local CPPCC delegate and non-executive chairman of HSBC, Peter Wong, also said he believes the growth target is suitable.

"Because the economic base is getting larger, a 4.5 percent growth rate is actually very impressive. This indicator is a very solid benchmark, especially given the current state of global instability,” he said.

Meanwhile, CPPCC Standing Committee member and mainland economist Justin Lin said he expects steady and sustained growth throughout the 15th Five-Year Plan period.

“This can be extrapolated from the growth target of 4.5 percent to 5 percent this year,” he said.

“The economy has increased by 10 trillion yuan every year over the past years. I believe this growth rate will continue.”

He added that China’s total economic output could “very likely” reach 170-180 trillion yuan in five years.


Edited by Tony Sabine