The Outer

China sets its economic growth target at around 5 percent for 2024

By Manal Abdel Fattah

China has set its goal of economic growth at about 5 percent in 2024, according to the government work report submitted Tuesday to the Chinese legislature for deliberation.

The country aims to create more than 12 million jobs in urban areas and maintain the unemployment rate in urban areas surveyed at about 5.5 percent this year, according to the government work report.

China will continue to implement a proactive fiscal policy and prudent monetary policy, while the deficit to GDP will remain at 3 percent, and the government deficit will increase by 180 billion yuan compared to the 2023 budget.

China will issue 3.9 trillion yuan of special purpose bonds to local governments in 2024, 100 billion yuan more than the previous year.

The aforementioned report said that China will issue special ultra-long-term treasury bonds in each of the next few years for the purpose of implementing major national strategies and building security capabilities in key areas, with the start of issuing such bonds worth one trillion yuan this year.

The report pointed out the need to enhance consistency of direction among macro policies.

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