China Is Confident, Capable and Qualified to Achieve GDP and Other Goals Set at the "Two Sessions" and YoY Growth Rate of CPI Will Recover to Above 1% by December, Governor of China’s Central Bank Says

Yi Gang, governor of the People’s Bank of China, emphasized that the production, distribution, circulation, and consumption of the real economy are a cyclical process, and we must make systematic and dialectical view analysis. With the recovery of the consumption scenarios, residents' consumption has gradually increased. From January to April, the total retail sales of social consumer goods increased by 8.5%, which was 8.7 percentage points faster than that of the previous year. The expansion of household consumption expenditure will be converted into the income of enterprises and workers, which in turn will drive more consumption. It is expected that the year-on-year growth rate of GDP in the second quarter will be relatively high (mainly due to the base effect), and the CPI is expected to gradually pick up in the second half of the year. By December, the year-on-year growth rate of CPI will be above 1%. We are confident, capable and qualified to achieve the expected growth and other goals set for this year at the "Two Sessions".