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China has set an ambitious economic growth target of “around 5%“ for 2024, as its leaders vowed to “transform the growth model” in the face of growing challenges.
The figure — similar to last year’s growth target — was announced by Chinese Premier Li Qiang on Tuesday at the opening of the annual gathering of the National People’s Congress (NPC), the country’s rubber-stamp legislature, which draws nearly 3,000 delegates to Beijing for a week-long meeting.
“Stability is of overall importance, as it is the basis for everything we do,” Li said during the delivery of his maiden work report.
“Making progress is our goal, and it is also what motivates us,” he said. “In particular, we must push ahead with transforming the growth model, making structural adjustments, improving quality, and enhancing performance.”
China also unveiled its annual military budget for 2024, which will increase 7.2% to 1.67 trillion yuan ($230.6 billion), according to the draft budget report released separately on Tuesday. The growth rate for the budget is the same as last year’s.
The gross domestic product (GDP) target and military spending are among the most closely watched figures during the opening day proceedings. The GDP target in particular is being closely monitored this year as China faces a raft of economic problems.
Officials are seeking to boost confidence in China’s economy, while grappling with how to stabilize the property sector, counter deflationary pressures, reverse a foreign capital exodus and save a battered stock market.
This is a developing story and will be updated.
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