China Vows to ‘Transform Economy, Sets Growth target

Chinese Premier Li Qiang unveiled an ambitious economic growth target of around 5% for 2024 during his maiden work report at the annual meeting of the National People’s Congress.

He pledged to undertake measures to overhaul the country’s development model and address risks stemming from bankrupt property developers and indebted cities.

In his address at the Great Hall of the People in Tiananmen Square, Li emphasized the need for structural transformation, improved quality, and enhanced performance to sustain China’s economic momentum. He also underscored the importance of pro-market reforms and measures to bolster consumer incomes amid growing concerns over China’s economic trajectory.

Against the backdrop of heightened geopolitical tensions, particularly regarding Taiwan, Li signaled a firm stance on defense spending and geopolitical matters.

Source: Reuters