BEIJING SETS 2024 GROWTH TARGET HIGHER DESPITE SLOWING ECONOMY
China's Beijing has set a growth target of around 5% for 2024, last year's target was 4.5%, despite expectations of slower growth. The economy of Beijing expanded 5.2% in 2023, in line with the national economy, which has a post-pandemic growth and a deepening property crisis, putting out local government debt and persistent deflationary risks.
The target of around 5% needs to stabilise expectations and boost confidence, so they could achieve goals like employment and household income. A growth rate of around 5% is still challenging, and achieving that goal requires efforts. Beijing aims to control its survey-based urban jobless rate below 5% this year. Chinese leaders have made boosting confidence in the economy a top policy priority.