China anticipates economic stability with a 5 per cent growth
Asia
By
David Njaaga
| Mar 13, 2024
China has projected creation of more than 12 million urban jobs as it maintains a 5 per cent economic growth rate.
The country aims to match its previous year's economic performance, a goal that analysts and executives deem achievable.
To reach the target, China plans to implement supportive macroeconomic policies to stabilise its economy and contribute to the global economic recovery.
Chinese Premier Li Qiang announced this during the Government Work Report at the annual se ssion of the national legislature, according to China Daily.
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"The government considered the need to enhance employment, increase incomes, and manage risks when setting this target," said Li.
He further added that the target aligns with the 14th Five-Year Plan (2021-25) and the country's goal of achieving modernisation.
China's economy is ranked as the second-largest in the world after the United States.
Li emphasised that meeting this year's targets will be challenging and called for increased use of macroeconomic policies, including counter-cyclical measures, and the development of new policy instruments.
He also stressed the need for improving coordination between existing policies.
Li said the country has pledged to pursue a proactive fiscal policy to achieve the target.
The Government Work Report stressed the need to exercise a prudent monetary policy in a flexible, moderate, targeted, and effective manner.
Zhou Maohua, a macroeconomic researcher at China Everbright Bank, said that the People's Bank of China is expected to continue utilising a combination of policy tools to create a conducive monetary environment for economic recovery.
He said the country targeted a whole-year inflation rate of around 3 per cent.
Maohua noted efforts will also be made to advance the construction of a modern industrial system and accelerate the development of new quality productive forces.
This will include upgrading industrial and supply chains, fostering emerging industries and future-oriented industries, and growing the digital economy.
China will also promote high-standard opening-up and ensure the stable performance of foreign trade and foreign investment, according to the report.