China to Increase Economic Policy Adjustments in 2024 as Premier Li Sets Growth Target of around 5%

State planner announces increased economic policy adjustments for China in 2024

During a news conference on Wednesday, Zheng Shanjie, the head of China’s state economic planner, announced that the country will increase economic policy adjustments this year. He explained that the government’s growth target of around 5% for 2024 aligns with China’s potential. Zheng spoke alongside China’s finance minister, commerce minister, central bank chief, and head of the securities regulator at a joint briefing during the annual parliament meeting in Beijing.

Zheng expressed optimism about the first quarter of the economy and said that the trend of economic recovery will continue to strengthen. He emphasized that they will enhance the regulation and control of macroeconomic policies, finance, taxation, currency, employment, industry, and regional policies throughout the year.

In his work report to the National People’s Congress the day before, Premier Li Qiang announced a growth target of around 5% for 2024. Many analysts have noted that achieving this target would require additional stimulus measures from the government. Zheng’s comments suggest that there will be more policy adjustments and regulation to support economic growth in the coming year.

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