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Financial News: China Sets 2024 Growth Target

China Sets 2024 Growth Target

03/04/2024 - 23:28:00 (RTTNews)

(RTTNews) - China aims to achieve an economic growth of about 5 percent in 2024, which was unchanged from the 2023 target.

In the annual work report, Premier Li Qiang projected the budget deficit at 3 percent of GDP. The government plans to increase defence spending by 7.2 percent.

The government targets the urban unemployment rate of around 5.5 percent and intends to generate 12 million jobs. China set the inflation target at 3 percent.

In 2023, China posted an above target GDP growth of 5.2 percent after rising 3.0 percent in 2022.

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