China to set 5 percent economic growth goal for 2024
economictimes.indiatimes.comChina will on Tuesday set a goal of five percent gross domestic product growth for the year, an official copy of a government work report seen by AFP showed, one of its lowest in decades and in line with last year.
The GDP target is set to be officially unveiled later in the day at a meeting of the National People's Congress, China's parliament.
The country continues to grapple with a prolonged property sector crisis, record youth unemployment, and a global slowdown that is hammering demand for Chinese goods.
China vowed in the work report to «pursue progress while ensuring stability» in the new year, as well as «work to expand our globally-oriented network of high standard free trade zones».
It also pledged to «appropriately cut import tariffs on advanced technology and equipment».
Beijing has for years been reluctant to confront the growing pressures on its economy head-on with a major bailout, fearful of putting too much strain on fragile state coffers.
Analysts don't see any reason to think that will change soon.
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