China aims for economic growth target of 5% for 2024

Posted on March 8, 2024   |  

China sets a conservative growth target of 5% amidst a slowdown in the economy and declining business confidence.

A commitment is made to generate over 12 million job opportunities in urban areas to counteract concerns regarding escalating unemployment.

The government plans to maintain its proactive fiscal policy and cautious monetary policy.

The deficit to GDP ratio is restricted to 3%, with an increase in the government deficit of 180 billion yuan.

China achieved a GDP growth of 5.2% in 2023, surpassing the official target, despite market worries and sluggish progress in the private sector.

Last year, the government discontinued the publication of unemployment data amidst reports indicating a worsening employment crisis.

The unemployment rate for the 16 to 24 age group in January was recorded at 14.9%.

China's GDP exceeded 126 trillion yuan, solidifying its position as one of the world's fastest-growing major economies, with a growth rate of 5.2%.