China Sets GDP Goal That Needs Policy Support ‘From All Fronts’
- Beijing matches 2023’s target of about 5%, despite higher base
- Announces plan for ultra-long special central government bonds
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China set its annual growth target at around 5%, an ambitious goal that will put pressure on the nation’s top leaders to unleash more stimulus as they try to lift confidence in an economy hampered by a property slump and entrenched deflation.
Premier Li Qiang acknowledged the challenges facing the world’s second-largest economy as he delivered his first work report to the national parliament at its opening Tuesday. “It is not easy for us to realize these targets,” he told thousands of delegates assembled at the Great Hall of the People in Beijing. “We need policy support and joint efforts from all fronts.”