MNI Brief: China Expected To Achieve 2024 Economic Goals - NBS
MNI (BEIJING) - Officials expect China to achieve its 2024 economic goals, given major economic indicators have rebounded significantly in the fourth quarter, according to Fu Linghui, spokesperson for the National Bureau of Statistics on Monday.
Authorities must work to release consumption drivers and enhance domestic demand, including stabilising employment and incomes, Fu said.
Although November’s retail sales rose 3.0% y/y in November to hit the lowest level in three months, dropping from October's 4.8% gain, Fu noted average growth across the two months remained above the first three quarters.
China will increase government debt issuance by 20-50% in 2025 in order to keep GDP growth at around 5% at a time when officials are shifting their emphasis to prioritising consumption rather than investment and as trade relations with the U.S. look likely to deteriorate, policy advisors and economists recently told MNI. (See MNI: China To Issue More Bonds As Stimulus Targets Consumption)