As China’s legislature convenes, Wang Dan, Chief Economist at Hang Seng Bank, offers her perspective on the nation’s newly established economic objectives for 2024. The government’s decision to set a 5% GDP growth target signals a deliberate approach to sustaining economic momentum while navigating global uncertainties.
Wang Dan notes that the 5% target reflects a balance between ambitious growth and realistic expectations amid a complex international landscape. “This growth target demonstrates China’s commitment to steady expansion without overheating the economy,” she explains.
Addressing inflation, Wang Dan highlights the government’s focus on maintaining price stability. By setting a moderate inflation target, China aims to protect consumer purchasing power and foster a conducive environment for investment. “Controlling inflation is crucial for sustainable development and ensuring that economic gains reach all levels of society,” she asserts.
On monetary policies, Wang Dan anticipates a prudent approach from the central bank. “We can expect monetary policies that support growth while guarding against financial risks,” she says. “The emphasis will be on fine-tuning measures to stimulate the economy without triggering inflationary pressures.”
Technology-centered high-quality development emerges as a cornerstone of China’s strategy. Wang Dan emphasizes that investing in technological innovation is key to enhancing productivity and competitiveness. “By focusing on tech-driven development, China is positioning itself at the forefront of the global digital economy,” she remarks.
In conclusion, Wang Dan’s insights shed light on China’s multifaceted approach to economic development in 2024. With targets set for growth, inflation, and technological advancement, the nation is poised to navigate challenges and capitalize on opportunities in the evolving global landscape.
Reference(s):
cgtn.com