China’s 5% GDP growth target demands ‘hard work’, leaders insist while flagging hopes and risks
- The highly anticipated economic growth target for 2024 is on record, and with it lofty expectations for follow-through efforts by Beijing as big stimulus remains elusive
- China’s leadership acknowledges the goal faces internal and external headwinds while seeking to dispel mounting economic concerns
In the midst of a battering of headwinds that threaten to capsize China’s economic recovery, Beijing has offered assurances that it has enough tools in its proverbial financial kit to batten down the hatches, right the ship and quell the concerns of overseas investors.
To that end, leadership has set an ambitious goal of growing the economy by 5 per cent this year – a target that is in line with China’s growth potential and “is a positive goal reachable with a jump”, National Development and Reform Commission chief Zheng Shanjie told the press on Wednesday during the annual “two sessions” parliamentary gatherings.
He explained that the 2024 gross domestic product (GDP) growth target – the same as last year’s target – was the result of the central government’s comprehensive assessment, “taking into account current and long-term needs and possibilities”.
China’s economy has got off to a strong start in the first quarter of the year, Zheng said, as evidenced by power generation during January and February being up by 11.7 per cent, year on year – an indication of economic activity rising.