China Sets 5% Growth Target for 2024 Amid Economic Challenges and Shift Towards Quality Development

China aims for GDP growth of about 5% in 2024

China’s Premier Li Qiang announced at the 54th annual meeting of the World Economic Forum in Davos, Switzerland, that China has set a growth target of “around 5%” for the year 2024. This information was revealed in the “Government Work Report” released on Tuesday. The targets for GDP and other economic indicators were made public at the opening of the National People’s Congress annual meeting.

Despite growing by 5.2% last year, reaching the official target of around 5%, China’s economy faced setbacks from a decline in real estate and exports, resulting in slower-than-expected rebound from the pandemic. This year, the growth target aligns with economists’ expectations, and investors are eager to hear about policy support for areas such as property development.

For 2024, China’s objectives include achieving an urban unemployment rate of around 5.5%, generating 12 million new urban jobs, and increasing the consumer price index by approximately 3%. These targets mirror those set for the previous year. The work report highlights pursuing high-quality development while ensuring greater security, managing risks, and upholding social stability as key priorities.

The economic policies for the upcoming year are usually deliberated by top party leaders in December. Local governments establish their own growth targets before Beijing unveils its overall goal to shift its focus from numerical targets to prioritizing “high-quality” growth.

Leave a Reply