Can China Reach Its 2024 Growth Target?
In 2024, a combination of falling consumption growth and declining real-estate investment is likely to impede Chinese GDP growth. If China is to meet its 5% growth target for this year, the government will have to offset these factors with more expansionary fiscal and monetary policy.
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BEIJING – On March 5, at the opening of the annual meeting of China’s legislature, the National People’s Congress (NPC), Chinese Premier Li Qiang announced that the government’s target for GDP growth this year is around 5%. It is an encouraging target, but if China is to reach it, the government may need to adjust its policy approach.