China aims economic growth of around 5 Pct in 2024

TOKYO, March 5 (KUNA) -- China aims to see economic expansion at around five percent for 2024, unchanged from last year, as the world's second-largest economy will leverage intensified and targeted macro policies to sustain stable growth, state-run China Daily reported on Tuesday.

The country pledged to pursue a proactive fiscal policy that will be intensified as appropriate with improved quality and efficiency, and exercise a prudent monetary policy in a flexible, moderate, targeted and effective manner, according to a government work report delivered by Premier Li Qiang at the national legislature for deliberation. The work report also said China has set its projected deficit-to-GDP ratio to 3 percent for 2024 and targeted a whole-year inflation rate of around 3 percent.
The country will fully implement the guidelines and supporting measures on driving the development of the private sector, intensify efforts to attract and utilize more foreign investment, and increase the volume and raise the quality of foreign trade, it said. Meanwhile, the government proposed a defense budget of CNY 1.67 trillion (USD 231 billion) for the 2024 fiscal year, a 7.2 percent year-on-year increase, the report said. If approved by lawmakers, the proposed expenditure will maintain single-digit growth for a ninth consecutive year since 2016, and will remain the same percentage increase like that in 2023. (end) mk.rk.