A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 3, 2020.
A higher budget deficit next year will help drive the country's economic recovery, he said.
Last month, China sharply lifted its 2023 budget deficit to around 3.8% of gross domestic product from 3% because of the planned issuance of 1 trillion yuan ($137.14 billion) in sovereign bonds.
China is able to achieve economic growth of slightly above 5% this year, Wang said.
Weak external demand and inadequate domestic demand increase overcapacity pressures in China, Wang said.
Persons:
Jason Lee, Wang Yiming, Wang, Ellen Zhang, Kevin Yao, Christopher Cushing
Organizations:
People's Bank of China, REUTERS, Rights, Monetary, Thomson
Locations:
Beijing, China, Rights BEIJING