China Aims for Steady GDP Target of Around 5% in 2024
China has revealed its economic roadmap for 2024, announcing an official GDP target of achieving growth of “around 5%”. This figure matches the target set for 2023 and signals Beijing’s priority of maintaining stability over rapid expansion. Some economists had speculated China may lower its target given recent economic headwinds, but policymakers see steady progress as most important.
In its annual “Government Work Report”, China emphasized the need to “ensure both high-quality development and greater security.” This underscores the balancing act of sustaining healthy growth while preventing risks in an uncertain global climate. Domestically, China continues rebuilding momentum in key sectors like property and exports that faltered in recent years. Externally, geopolitical tensions and inflation pressures worldwide add to the challenges.
Urban Jobs And Prices Also On Track
Alongside its national GDP target, China also outlined targets for employment, inflation and fiscal policy in 2024. It aims to generate 12 million new urban jobs, keep the urban unemployment rate around 5.5%, and limit consumer price inflation to approximately 3%. On the fiscal front, the budget deficit is projected to narrow slightly to 3% of GDP. Overall, the targets signal China’s commitment to stable progress on multiple economic and social fronts.
By maintaining its GDP target at “around 5%”, China believes it can achieve steady expansion while guarding against downside risks. However, some experts argue this may understate the difficulties ahead. Much will depend on whether export demand rebounds and property sector woes fully resolve. Geopolitical crosswinds could also impact growth one way or another. For now, stability remains the top priority as China moves into the next year.
