China sets GDP growth target at around 5% for 2024
Make us a preferred source
Make us a preferred source on Google
The news: China has set its GDP growth target at around 5% for 2024, as the country’s leaders try to restore faith in an economy that is grappling with a post-pandemic slowdown.
The numbers: At the country’s annual parliamentary meeting, officials also set China’s 2024 CPI growth target at around 3% and its unemployment rate target at 5.5%, while its budget deficit is projected at 4% of GDP.
China also plans to issue 1 trillion yuan ($213.53 billion) in special treasury bonds and expects to boost defence spending by 7.2%.
The context: China’s growth target will be harder to achieve compared to last year’s growth of 5.2% as 2024 lacks the favourable comparison with the pandemic’s low base that boosted previous numbers.
Bloomberg reported that economists said the economy would likely grow at about 4.6% in 2024.
This year is the first time in 31 years that the premier of China will not hold a press conference at the close of the country’s annual parliamentary meeting. The move could be a sign that the premier’s authority is diminishing while Xi Jinping remains president, and that the country could be heading towards greater isolation.
The source: Bloomberg
