Government Sets GDP Growth Target for 2024 at Around 5%
Xinhua News Agency, Beijing, March 5: The government work report submitted to the second session of the 14th National People’s Congress for review on the 5th revealed that the expected GDP growth target for 2024 is set at around 5%. This target is seen as a signal of stability as well as progress in the country’s economic development.
The decision to set the GDP growth target at around 5% takes into consideration various factors such as promoting employment and income, preventing and managing risks, and aligning with the goals of the “14th Five-Year Plan”. It reflects a medium-to-high-speed growth trajectory on a normal base and aims to support the country’s modernization efforts.
Experts have expressed confidence in the achievability of this target, citing China’s economic growth potential, resource factors, and supportive conditions. By making use of institutional advantages, market demand, industrial systems, and skilled workforce, China is well-positioned to achieve stable medium-to-high-speed growth.
To achieve the expected growth rate target of around 5%, the government will implement proactive fiscal policies, improve quality and efficiency, maintain a flexible monetary policy, and strengthen macro-policy orientation. Key tasks include promoting the development of new productive forces, investing in science and education, expanding domestic demand, and enhancing international cooperation.
Reform and opening up are also emphasized in stimulating the vitality of businesses in China. State-owned enterprises, private enterprises, and foreign-funded enterprises are all vital in the country’s modernization efforts. By creating a favorable environment for fair competition and innovation, the government aims to support the growth of world-class enterprises.
Overall, achieving the GDP growth target of around 5% in 2024 will require focused policies, collaborative efforts, and a commitment from all stakeholders. The government’s decision signals a balance between stability and progress in driving China’s economic development forward.