China aims for a 5% economic growth target in 2024, matching last year’s rate.

Premier Li Qiang announced in an annual report that China’s official growth target for the year is around 5%. The report emphasized the importance of both security and the economy, with the government planning to issue 1 trillion yuan in “ultralong special treasury bonds” over the next several years to support growth.

The ruling Communist Party is focused on increasing consumer spending to drive economic development. However, last year’s consumer-led recovery faltered due to falling housing prices and job worries. Despite this, the economy grew at a 5.2% pace last year after a slow 3% growth rate during the COVID-19 pandemic.

Li emphasized the need for better policy communication for a stable, transparent, and predictable environment. The government will maintain a pro-active fiscal policy and prudent monetary policy to promote “high quality” development. Policies should be targeted, effective, and consider the expectations of enterprises and the people.

Li addressed over 3,000 delegates of the National People’s Congress and about 2,000 members of a parallel advisory body in Beijing’s Great Hall of the People. While the congress doesn’t determine new policies, it serves as a platform for showcasing party achievements and garnering support for future goals.

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