China’s 5% growth target for 2024 is achievable, state planner says

China’s 2024 growth target of around 5% is in line with the country’s economic potential, the head of the state economic planner said on Wednesday while announcing plans to step up policy adjustments and issue special treasury bonds.
Speaking at a rare joint briefing on the sidelines of the annual parliament meeting in Beijing with China’s finance minister, commerce minister, central bank chief and head of the securities regulator, Zheng Shanjie said he expected the world’s second-largest economy to have a good first quarter.
“The target is in line with the annual requirements of the Fourteenth Five-Year Plan and matches the potential for economic growth, making it a positive and achievable target,” said Zheng, chair of the National Development and Reform Commission (NDRC).
On Tuesday, Premier Li Qiang in his maiden work report to the National People’s Congress announced this year’s growth target would be around 5%, which many analysts said was ambitious unless the government rolls out much more stimulus.