FX.co ★ China Sets 2024 Growth Target

China has set a target to attain an economic growth of approximately 5 percent in 2024, maintaining the same growth goal as in 2023.

According to the annual work report, Premier Li Qiang estimates the budget deficit to be 3 percent of GDP. Moreover, the government is planning to augment defense spending by 7.2 percent.

Regarding unemployment, the government aims to keep the urban unemployment rate around 5.5 percent and has plans to generate 12 million jobs. Furthermore, an inflation target of 3 percent has been set for the upcoming year.

Looking at the past trends, China registered a higher than forecasted GDP growth of 5.2 percent in 2023, a significant improvement from a 3.0 percent rise in 2022.