China Sets Ambitious 5% Economic Growth Target for 2024
At the opening meeting of the second session of the 14th National People’s Congress held at the Great Hall of the People, Chinese Premier Li Qiang delivered the government’s work report, setting an economic growth target of around 5% for 2024.
While this figure may appear modest compared to the remarkable growth rates of previous decades, the substantial size of China’s current economy means that even a 5% increase represents significant global impact. Experts believe this target is achievable despite external and internal challenges, signaling optimism for the nation’s economic prospects in the coming year.
Focus on Consumption and Employment
The government’s report emphasizes the importance of ensuring stability in key areas such as consumption, employment, and local debt. To boost domestic consumption and transition toward a more consumption-driven economy, the government has committed to supporting crucial economic sectors by maintaining necessary levels of fiscal spending.
The Ministry of Commerce has announced measures to promote further opening up and reform, designating 2024 as the “Year of Promoting Consumption.” Efforts will focus on reviving domestic demand and attracting more investment, aiming to invigorate the market and stimulate economic growth.
Employment remains a top priority for the government. Adhering to an employment-first strategy, China has taken significant steps to stabilize and strengthen job opportunities. In 2023, a total of 12.44 million jobs were created in urban areas, with about 33.97 million people who were lifted out of poverty securing new employment opportunities over the past year.
Looking ahead, the country will prioritize employment even more prominently, implementing measures to enhance the effectiveness of policies aimed at strengthening job creation and security. These efforts are expected to not only improve livelihoods but also contribute to overall economic stability and growth.
Addressing Challenges and Embracing Opportunities
Despite facing global economic uncertainties and domestic pressures, China’s strategic initiatives reflect a commitment to sustainable development and economic resilience. By focusing on core areas such as consumption and employment, the government aims to navigate challenges and harness opportunities to achieve its growth objectives.
The emphasis on structural reforms and further opening up indicates China’s dedication to integrating more deeply with the global economy, fostering an environment conducive to business and investment. As the world watches, China’s economic performance in 2024 will undoubtedly have significant implications for global markets and economies.
Reference(s):
cgtn.com
