China’s government has set a target of 5% economic growth in 2024.
Additionally, China’s government said that it plans to issue “ultra-long” bonds to fund major infrastructure projects and eliminate restrictions for foreign investment in the country’s manufacturing sector.
Specifically, the government in Beijing said that it will issue 1 trillion yuan ($138.9 billion U.S.) in ultra-long special treasury bonds this year to fund projects aligned with national strategies.
The target for China’s gross domestic product (GDP) growth this year was published during the National People’s Congress annual meeting held in Beijing.
In 2023, China’s economy grew by 5.2%, close to the official target of 5%.
China’s economy has struggled coming out of the Covid-19 pandemic amid slumps in the real estate sector and due to weak global demand for the country’s exports.
This year, China plans to create 12 million urban jobs and target inflation at an annualized rate of 3%.
In setting its economic targets for the year ahead, the Chinese government stressed the need to prevent risks and maintain social stability in the country of 1.4 billion people.
