China sets ’ambitious’ economic growth target at 5%

중국 경제성장률 목표 “5% 안팎” 지난해와 동일 China has set its 2024 economic growth target of around 5 percent, --which analysts describe as “ambitious.“ Jeong Eun-joo has the details. China has announced an “ambitious“ 2024 economic growth target of around 5 percent, in line with analysts’ expectations, while promising steps to transform the country’s development model and defuse risks fueled by bankrupt property developers and structural imbalances. Chinese Premier Li Qiang delivered his government work report on Tuesday at the annual meeting of the National People’s Congress, the country’s annual parliamentary gathering. Li spoke of the “challenges” while citing the global economy and regional tensions as hurdles for China’s recovery, as well as domestic issues such as low consumer demand in a challenging labor market. There was no timeline or concrete details for the structural changes China intends to implement. The 5 percent target is in line with last year’s goal, which was notably restrained as China emerged from three years of strict zero-Covid measures which impacted the economy. According to official statistics, China’s GDP grew by 5-point-2 percent in 2023. But independent economists estimate that the actual growth rate to be lower. The International Monetary Fund projects that China’s economy will grow by 4-point-6 percent this year. Li also flagged higher defense spending, while hardening the rhetoric on Taiwan and dropping previous mentions of “peaceful reunification.“ Budgetary plans included an increase in defense spending by 7-point-2 percent this year, similar to 2023. Li acknowledged the targets would “not be easy,” and said that “high quality development” remained the priority. Investors are closely watching this year’s meetings — known as the “Two Sessions” — of the National People’s Congress and the Chinese People’s Political Consultative Conference for clues on how President Xi Jinping plans to tackle the slowing economy. A spokesperson for the NPC revealed on Monday that Li would not give a press conference at the end of this meeting in a break with precedent. Jeong Eun-joo, Arirang News. #China #Economy #GDP #Economy_growth #중국 #경제_성장 #목표 #Arirang_News #아리랑뉴스 📣 Facebook : 📣 Twitter : 📣 Homepage : 2024-03-05, 18:00 (KST)