At China's two sessions in 2024, the work report put forward a high-profile economic growth target - gross domestic product (GDP) growth is expected to be around 5%. This goal is not only an expectation of the country's economic development in the coming year, but also an expression of confidence in domestic and foreign investors. Why, then, is 5% the target for this year?
Goal-setting considerations.
First of all, this goal is set based on a comprehensive analysis of the domestic and foreign economic situation. Against the backdrop of slowing global economic growth and rising protectionism, China still has set a relatively positive growth target. This reflects China's confidence in the potential of the domestic economy, as well as its expectations for economic restructuring, transformation and upgrading.
*The work report points out that the 5% growth target is set to take into account the need to promote employment and income, prevent and defuse risks, and is in line with the 14th Five-Year Plan and the goal of basically realizing modernization. At the same time, this goal also takes into account the potential and supporting conditions of economic growth, and reflects the requirements of being proactive and energetic.
Challenges and opportunities coexist.
Although China achieved 52% economic growth, but the 2024 target of 5% growth from a higher base will undoubtedly increase the difficulty. China needs to deal with structural adjustment, environmental protection, risk prevention and control and other challenges while stabilizing growth. In addition, China also needs to deal with the uncertainty of the international environment, as well as the problems that may arise in the process of domestic economic transformation and upgrading.
Policy support and implementation paths.
In order to achieve this goal, China** has proposed a series of policy measures. This includes implementing an active fiscal policy, keeping liquidity reasonably abundant, and advancing supply-side structural reforms. At the same time, it also emphasized the importance of reform and opening up, and proposed to stimulate the vitality of all kinds of business entities and create a fair competition environment for all kinds of ownership enterprises.
Epilogue. To sum up, China** set a GDP growth target of about 5% in 2024, which is a decision made on the basis of comprehensive consideration of the domestic and foreign economic situation, national development strategy and economic growth potential. The realization of this goal will require the joint efforts of enterprises, enterprises and all sectors of society. In the coming year, we have reason to expect that China's economy will continue to move forward on the path of seeking progress while maintaining stability.