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MNI BRIEF: China Targets "Around 5%" Growth For 2024

MNI (Singapore)
MNI (Beijing)

China has set its GDP target at “around 5%” for 2024 as expected, to help boost employment and prevent risks, said Premier Li Qiang in the Government Work Report delivered at the opening ceremony of the National People's Congress on Tuesday.

China aims to add over 12 million new urban jobs and keep the surveyed urban unemployment rate at around 5.5%. There will be over 11.7 million college graduates this year, the report noted.

The trend of economic recovery and long-term growth will not change, though the country will continue to face both strategic opportunities and challenges, with favourable conditions outweighing unfavorable ones, the report added. (See MNI: High Local Targets Hint At Further China Gov. Leverage)

China will also aim to keep the Consumer Price Index at “around 3%”. (See MNI: China To Target 3% CPI Rise Despite Deflation Pressure)

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