Xi Jinping says China’s 2024 GDP growth set to hit target of around 5%
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China’s economy was “overall stable and progressing amid stability,” Xi said at a new year event on Tuesday, according to a speech published by the official Xinhua News Agency. Risks in key areas were effectively addressed, while employment and prices remained steady, he said.
While a precise figure won’t be available until next month, the Chinese leader’s disclosure capped off a year of economic uncertainty, with the growth goal initially seen as a “target without a plan.” The outlook for 2024 improved after policymakers rolled out a slew of stimulus steps since late September, with economists now forecasting an expansion of 4.8% this year.
Xi signaled that support for the economy will continue into 2025 during the New Year’s Eve remarks to the nation’s top political advisory body, reiterating a call to adopt more proactive macroeconomic policies.
Later in the day in another new year address televised nationally, Xi acknowledged challenges facing China’s economy, including external uncertainties and shifting to new growth drivers, but called on the nation to remain confident in overcoming them.
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