BEIJING: China has set a growth target of around 5 percent for 2024, said a government work report released on Tuesday.
The targets for GDP and other economic signs were set as part of the opening of the National People’s Congress annual gathering.
Last year China’s economy grew by 5.2 percent, matching the official target of around 5 percent. The overall rebound from the pandemic was less than many expected, while growth also faced issue from a slump in exports and real estate.
The goal for this year largely matches expectations as analyst also expected the government to enhance the official fiscal deficit to above 3 percent. Investors will also study the work report and government observations for any signs on policy support for property and other areas of the economy.
China plans to achieve an urban unemployment rate of around 5.5 percent, the opening of 12 million new urban jobs and a consumer price index increase of around 3 percent. The 2024 goals were the same as those set for 2023.
According to the National Bureau of Statistics the country unemployment rate in cities remained 5.2 percent and created 12.44 million jobs in 2023.
The work report stressed the need to ensure both greater security and high-quality development, preventing risks and maintaining social stability.
It called for implementing the plans and decisions of the Communist Party of China’s Central Committee.
The report said that inner drivers of development are being built up, however added China must be prepared well for all challenges and risks.
