China Sets Ambitious Economic Growth Target of 5% for 2024
Published: 05 March 2024 at 01:11
Business
At the opening of the annual gathering of the National People\'s Congress, Chinese Premier Li Qiang announced an economic growth target of around 5% for 2024, similar to last year\'s target. In addition to the GDP target, China also unveiled a 7.2% increase in its military budget for 2024, reaching 1.67 trillion yuan ($230.6 billion). This announcement comes as China faces economic challenges including stabilizing the property sector, countering deflationary pressures, reversing a foreign capital exodus, and restoring confidence in the economy and stock market.
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