GDP - Xi Jinping's China Sets Ambitious 2024 Growth Target Of 5% Vows To 'Transform' Economy | Benzinga
In a bid to revamp its economic model, China has announced an ambitious growth target for 2024. This announcement was made by Chinese Premier Li Qiang during the annual meeting of the National People’s Congress, the country’s parliament.
What Happened: Li’s target for 2024 is a GDP growth of around 5%, which is the same as the previous year. This goal, although challenging due to the waning post-COVID recovery, indicates China’s emphasis on growth over reforms. Li also pledged to implement new policies to address the nation’s structural imbalances, Reuters reported.
China’s economy showed uneven growth last year, exposing deep structural imbalances. This led to calls for a new growth model. The start of 2024 was marked by a stock market crash and deflation, intensifying pressure on China’s leaders to devise new economic strategies.
“It's more difficult to achieve 5% this year than last year because the base number has become higher, indicating that the top leaders are committed to supporting economic growth,” said Tao Chuan, chief macro analyst at Soochow Securities.
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