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China sets 5% economic growth goal for 2024
06 Mar '24
1 min read
Pic: Adobe Stock
Insights
- China targets a 5 per cent economic growth for 2024, planning to create over 12 million urban jobs and keep urban unemployment around 5.5 per cent.
- The strategy includes adhering to proactive fiscal and prudent monetary policies, with a deficit-to-GDP ratio set at 3 per cent, increasing the government deficit by 180 billion yuan ($25 billion) from 2023.
China has set an economic growth target of approximately 5 per cent for 2024, according to a government work report that was recently submitted for review to the country's national legislature. The report outlines China’s plans to create more than 12 million jobs in urban areas while aiming to maintain the surveyed urban unemployment rate at an estimated 5.5 per cent for the year.
To achieve these objectives, China plans to adhere to proactive fiscal strategies and prudent monetary policies. Notably, the deficit-to-GDP ratio is projected to be at 3 per cent in 2024, marking an increase of 180 billion yuan ($25 billion) in the government deficit compared to the 2023 budget figures, according to Chinese media reports.
Fibre2Fashion News Desk (DP)
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