China sets ambitious 2024 economic target
Economy
China has set an ambitious growth target of around 5% for this year, as it outlined a series of measures aimed at boosting its flagging economy.
This vast country and its leaders face a daunting array of economic challenges.
That list includes a property market in crisis, a shaky stock market, high youth unemployment and the threat of deflation as consumer prices continue to fall. Consumer prices in China fell in January at the fastest pace in almost 15 years, marking the fourth month in a row of declines.
Beyond these immediate issues China also faces a number of more far-reaching challenges, including slowing productivity growth and an aging population.
China has set an ambitious growth target of around 5% for this year.
In particular, Beijing aims to add 12 million jobs in urban areas. Regulation of financial markets will also be increased, said Premier Li, while research will be stepped up in new technologies, including artificial intelligence (AI) and life sciences. Along with measures to boost the economy, defence spending will be increased by 7.2% this year.
Whether Mr Xi's long-term plans for China will turn around his country's fortunes remains to be seen.
That list includes a property market in crisis, a shaky stock market, high youth unemployment and the threat of deflation as consumer prices continue to fall. Consumer prices in China fell in January at the fastest pace in almost 15 years, marking the fourth month in a row of declines.
Beyond these immediate issues China also faces a number of more far-reaching challenges, including slowing productivity growth and an aging population.
China has set an ambitious growth target of around 5% for this year.
In particular, Beijing aims to add 12 million jobs in urban areas. Regulation of financial markets will also be increased, said Premier Li, while research will be stepped up in new technologies, including artificial intelligence (AI) and life sciences. Along with measures to boost the economy, defence spending will be increased by 7.2% this year.
Whether Mr Xi's long-term plans for China will turn around his country's fortunes remains to be seen.
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