An 'around 5%' target is the same as in 2023 and was expected by most analysts. Analysts add that a 5% target for 2024 will be harder to reach than in 2023 because the favourable base effect from a COVID-hit 2022 has faded
Info comes via Reuters, citing an official work report they've seen.
The National People's Congress (NPC), China's rubber-stamp parliament, is due to hear Premier Li Qiang's maiden work report at its annual meeting in Beijing this week. The report sets out the government's key economic and social development goals each year.
The property crisis, deepening deflation, a stock market rout, and mounting local government debt woes are putting pressure on China's leaders to take effective policy decisions that will put the economy on a solid footing for the long-term.
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China reliably hits its growth targets.
