Chinese government targets 5% growth in 2024

The Chinese government has set an annual growth target of around 5 percent The Chinese government has set an annual growth target of around 5 percent, raising expectations that more stimulus will be announced to revive the country’s economy, which has been hampered by the collapse of the property market and entrenched deflation. Beijing also aims to keep unemployment at around 5.5 percent by 2024 and create 12 million new urban jobs. Its consumer inflation target for 2024 is also set at around 3 percent, the same as last year. “It is not easy for us to achieve these goals. We need policy support and joint efforts from all fronts,” Chinese Premier Li Qiang said at the opening of the 14th National People’s Congress today. “The Beijing government has set a status quo growth target to boost confidence and slow the downward economic spiral. “Without major consumer-focused incentives or market liberalization policies, foreign businesses in China will continue to face difficulties,” he said. The Chinese government had also announced a 5 percent growth target for 2023, and the actual growth rate exceeded the target at 5.2 percent.