China Sets Ambitious 5% GDP Growth Target for 2024
China has announced an economic growth target of around 5% for 2024, as unveiled by Premier Li Qiang during the opening meeting of the second session of the 14th National People’s Congress (NPC) at the Great Hall of the People in Beijing on Tuesday.
Premier Li emphasized that the growth target takes into account the necessity of boosting employment and incomes while also preventing and mitigating risks. “This growth rate is well aligned with the objectives of the 14th Five-Year Plan and the goal of basically realizing modernization,” he stated. “It also takes account of the potential for growth and the conditions supporting growth and reflects the requirement to pursue progress and strive to deliver.”
Highlighting the importance of both stability and progress, Li urged all localities and government departments to adopt policies conducive to maintaining stable expectations, economic growth, and employment. He cautioned against implementing measures that could be “contractionary” or “inhibitive” in nature.
Beyond the GDP growth target, Premier Li outlined several key development goals for the year:
- Creation of over 12 million new urban jobs
- Surveyed urban unemployment rate of around 5.5%
- Consumer Price Index (CPI) increase of around 3%
- Growth in personal income in step with economic growth
- A basic equilibrium in the balance of payments
- Grain output of over 650 million tonnes
- A reduction of around 2.5% in energy consumption per unit of GDP
- Continued improvements in the environment
Expressing confidence in achieving these ambitious goals, Li cited China’s unique advantages, including its distinctive institutional strengths, a vast market, a comprehensive industrial system, a large and skilled workforce, and growing capacity for scientific and technological innovation.
“The underlying trend of economic recovery and long-term growth remains unchanged and will not change,” Li asserted.
However, he acknowledged the challenges ahead in realizing these targets. The government plans to intensify counter-cyclical and cross-cyclical adjustments through macroeconomic policies. Li emphasized the continuation of a proactive fiscal policy and a prudent monetary policy, along with strengthening the coordination between policy instruments and developing new ones.
“We must be prepared to face difficulties head-on and take proactive steps to transform our growth model, make structural adjustments, and improve the quality of our socioeconomic development,” he concluded.
Reference(s):
cgtn.com
