Howard Marks is optimistic on China, but says growth target is a huge challenge [Video]

Billionaire investor Howard Marks said he was hopeful about China’s economy, but cautioned that the country’s growth target was a monumental challenge.

“I’m still optimistic on China’s long-term possibilities, as long as they execute well and as long as they remain constructive with regard to the rest of the world,” the co-chairman of Oaktree Capital Management said.

Marks told CNBC’s Emily Tan on the sidelines of the third Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority that “Even though the growth rate they [China] are targeting sounds modest compared to their history, it’s still very much above average for for the rest of the world, and will represent a Herculean challenge.”

China has set a growth target of “around 5%” for 2024, though Bank of America and Citigroup, among others, have projected the world’s second-largest economy will grow at under 5%.

The World Bank has pegged China growth in 2024 at 4.8%, and expects it to decline furtherto 4.3% next year, …