China aims for 5% economic growth target by 2024

During the parliamentary session in China, officials announced a GDP growth target of around 5 percent for 2024. This goal is consistent with the target set for 2023, with the country’s GDP expanding by 5.2 percent in the previous year. However, despite this growth, the world’s second-largest economy is still facing a long-standing property crisis that has prompted discussions on measures to support economic growth.

Chinese President Xi Jinping presided over the opening ceremony of the Chinese People’s Political Consultative Conference, where he announced the GDP growth target. With concerns about the property crisis and overall health of the economy, China aims to achieve steady growth through strategic measures. The government’s decision to maintain a 5 percent growth target for 2024 reflects its commitment to supporting economic stability while addressing challenges within the real estate sector.

During discussions at the parliamentary session, policymakers and reformists are expected to focus on policies aimed at sustaining growth and addressing key issues facing the Chinese economy. These may include measures to address debt levels and reduce local government debt risk, as well as reforms aimed at promoting innovation and entrepreneurship.

In addition to these policy initiatives, there is also growing concern about China’s aging population and its impact on future economic growth. Officials have acknowledged that addressing this issue will be critical in ensuring long-term economic stability and success.

Overall, while China’s economy has shown resilience in recent years, it still faces significant challenges that must be addressed in order to maintain steady growth and ensure long-term success.

By Sophia Gonzalez

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