China targets 5 pct growth in 2024
BEIJING: China expects its gross domestic product (GDP) to record a 5.0 per cent growth in 2024, lower than the 5.2 per cent achieved in 2023 amid sluggish global economic environment, said its premier Li Qiang yesterday.
China also plans to create 1.2 million urban jobs and target unemployment rate of 5.5 per cent, as well as an increase of consumer price index of around 3.0 per cent this year.
Li said China also set deficitto-GDP ratio at 3.0 per cent for this year, with the government deficit to rise 180 billion yuan from the country’s 2023 budget figure.
“In setting these targets, we considered evolving dynamics at home and abroad and other relevant factors as well as what is needed and what is possible.
“In setting the growth rate at around 5.0 per cent, we have taken into account the need to boost employment and incomes and prevent and defuse risks,” he said at the opening of the country’s annual legislative session held at the Great Hall of the People.
He noted that the growth rate was well aligned with the objectives of China’s 14th FiveYear Plan and the goal of basically realising modernisation.
It also takes account of the potential for growth and the conditions supporting growth to pursue progress, he added.
“Achieving this year’s targets will not be easy, so we need to maintain policy focus, work harder, and mobilise the concerted efforts of all sides,” said Li.
He said China projects its fiscal revenue would continue to grow in 2024 and the Chinese government would also have funds transferred from other sources.
“On this basis, general public expenditures in the government budget are projected to reach 28.5 trillion yuan, an increase of 1.1 trillion yuan over last year,” he added.
In 2024, Li said 3.9 trillion yuan of special-purpose bonds for local governments will be issued, an increase of 100 billion yuan over last year.