Helena Lyng Blak
11 weeks ago

China sets ambitious growth target

Expert calls the target ambitious, yet achievable.
Small, Chinese flag in front of a blurry, urban environment.

At the National People’s Congress, China's most prominent annual political meeting, Premier Li Qiang revealed an annual growth target of 5%. 

“This is slightly below the realized 2023 level of 5.2%, but that number was achieved with 2022, the year of lockdowns, as the benchmark year,” says geopolitical analyst Mikkel Rosenvold. “So 5% growth target can be sold as quite ambitious internally in China while still being quite realistic to actually achieve.”

Furthermore, Li unveiled a target for CPI growth of 3%, along with a fiscal deficit target of 3% as well, which is in line with last year’s figure. Lastly, China will aim at an unemployment rate of 5.5% while working to create 12 million urban jobs.

Although Li also announced new special government bonds investors, “who had been hoping for a bigger spending boost”, remain disappointed, according to Financial Times.

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

4 hours ago Israeli Airstrike Hits Rafah Tent Camp Israeli airstrike on Rafah camp kills dozens, raising international alarm.
4 hours ago Meta and Call of Duty Maker Sued by Families of School Shooting Victims Families of the 2022 Uvalde school shooting victims file lawsuits against major corporations and officials, claiming they contributed to the tragedy.
6 hours ago Walmart and Capital One Call It Quits on Partnership Walmart and Capital One announce the end of their six-year card partnership amidst legal disputes.
7 hours ago US Market Open - May 27, 2024: Wall Street Wavers but Nasdaq Soars Daily update from the US market open.
9 hours ago Crypto, Currently: May 27, 2024 - Ethereum Leads Weekly Surge, Bitcoin Holds Steady Daily update on Ethereum, Bitcoin, and more!
1 day ago Debunking the headline: US GDP grows by a third ahead of EU in 15 years Europeans need not worry as much as these articles would suggest.
1 day ago Empowering Women Could Boost Economic Growth, Says IMF Economists Discover how gender equality initiatives could transform economies in Japan and Korea.