Current location:business >>
China sets 2024 GDP growth target at around 5%, showing confidence in economic recovery
business6431People have gathered around
Introduction(Global Times) 11:31, March 05, 2024Graphic: Global TimesChina on Tuesday set a growth target of aro ...
Graphic: Global Times
China on Tuesday set a growth target of around 5 percent for its economy in 2024, which exceeds expectations of some international institutions, demonstrating that the country's top policymakers remain confident in maintaining stable growth in the world's second-largest economy despite downward pressure both at home and abroad.
The growth target of around 5 percent, the same as last year’s goal, means that China’s economy will still be one of the fastest-growing major economies and the biggest contributor to global growth, analysts said. Though challenges remain, China still has plenty of policy tools to ensure that the target will be met by the end of 2024, they said.
The annual official growth target was revealed by Premier Li Qiang in the Government Work Report that was delivered to the opening of the annual session of the National People's Congress (NPC), the country's top legislature, on Tuesday morning.
The NPC session and the ongoing annual meeting of the Chinese People's Political Consultative Conference National Committee, the top political advisory body, are collectively known as the two sessions, where national lawmakers and political advisers discuss and set social and economic development goals for the year.
One of the most closely watched items on the agenda during the two sessions is how China sets its official GDP growth target, which reveals policymakers’ assessment of the economic outlook and policy priorities for the year.
“This is a relatively high target, which shows that the central government has relatively high confidence in [the economy],” Wan Zhe, an economist and professor at the Belt and Road School of Beijing Normal University, told the Global Times.
The target of around 5 percent is the same level as last year, but it exceeds some expectations for China’s growth in 2024. For example, the IMF, in its latest World Economic Outlook report released in January, projected that China’s GDP will grow by 4.6 percent in 2024. A rate of around 5 percent would also be faster than the projected global growth rate of 3.1 percent or the forecast of 1.5 percent for advanced economies and 4.1 percent for emerging market and developing economies.
In 2023, China's economy grew by 5.2 percent year-on-year, exceeding the official target of about 5 percent, in what officials called a “hard-won” achievement.
While the Chinese economy faces challenges and risks amid a global economic downturn and an increasingly complex geo-economic landscape, Chinese policymakers still have plenty of policy tools at their disposal to tackle those challenges and ensure stable growth, economists said.
"Despite temporary challenges to the Chinese economy and short-term fluctuations in the capital market, China will be able to overcome a series of challenges faced by the economy following policy adjustments and strengthened regulations," Cao Heping, an economist at Peking University, told the Global Times.
In addition to the GDP growth target, the Government Work Report on Tuesday also contained a slew of other targets. The deficit-to-GDP ratio, another closely watched figure, was set at 3 percent for 2024. The country aims to create over 12 million new urban jobs, and keep the consumer price index growth at around 3 percent, according to the report.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Worldly Wisdom news portal”。http://sierraleone.downmusic.org/article-67c799842.html
Related articles
Grant Shapps vows he WILL find more planes for mass parachute drop to mark 80th anniversary of D
businessGrant Shapps today vowed to find more planes for a mass parachute jump to mark the 80th anniversary ...
【business】
Read moreUnfazed by danger and power, Guatemalan cardinal keeps up fight for migrants and the poor
businessHUEHUETENANGO, Guatemala (AP) — As more than 100 men carrying an elaborate float of Jesus halted bef ...
【business】
Read moreScientists develop new AI model for weather forecasting
business(Xinhua) 14:29, December 11, 2023SHANGHAI, Dec. 10 (Xinhua) -- Scientists have developed a new model ...
【business】
Read more
Popular articles
- 'Real life' Martha from Baby Reindeer's million
- Chinese firms can narrow AI gap with US within 1 or 2 years: founder of cybersecurity company
- China's second
- China's space environment monitoring satellites sent into space
- Judge blocks Biden administration from enforcing new gun sales background check rule in Texas
- Former chairman of China Everbright Group indicted for embezzlement, bribery
Latest articles
LINKS
- Multiple places in C.China’s Henan suspend classes, transportation due to continuous snowfall
- Conference highlights human rights advancement in Xinjiang
- Feature: Blind engineer opens up new vistas with computer game design
- 10 major criminal suspects transferred back to China from Myanmar
- Sheep breeding cooperatives boost incomes of Xizang herders
- China steps up efforts to improve legal services for disabled people
- China offers winter comfort to people in need
- Former CSIC chairman sentenced to 13 years in jail for bribery, abuse of power
- Salt powers Kolkata Knight Riders to victory over Lucknow Super Giants in IPL
- Earthquake leaves 13 dead in China's Qinghai