China sets economic growth target of around 5% for 2024

According to multiple reports, China has set an ambitious 5% growth target for its economy by 2024. Premier Li Qiang announced this goal during a recent meeting, signaling Beijing's confidence in the economy despite anticipating a challenging year. For the current year, Li stated that the growth rate is expected to be around 5%, with the government planning to issue 1 trillion yuan (approximately $139 billion) in "ultralong special treasury bonds" in 2024. The Communist Party has been focusing on increasing consumer spending as a means to boost the economy. However, there seems to be some variation in the reported growth targets for the current year, with some sources stating that it will be a difficult year and the growth rate is only "around" 5%.