China has set its 2024 economic growth target at around 5 percent, which is well considered, achievable, and uplifting for the world.
On par with last year’s, the target matches needs with possibilities given the situations and various factors at home and abroad. It demonstrates the resolve of Chinese authorities to work proactively, and shores up market confidence and social expectations.
The growth target is based on the growth potential and conditions of the Chinese economy. It takes into account the need to promote employment, raise residents’ incomes, and prevent and defuse risks in key areas. The target is in keeping with the goals of the 14th Five-Year Plan (2021-2025) and the goal of basically realizing socialist modernization through 2035.
As a developing nation, China is at the crucial stage of building a modern socialist country, which needs to keep a certain economic growth speed to tackle external challenges and solve problems through development.
The comprehensive industrial system, well-connected infrastructure networks, and tech-focused drivers underpin the resilience and vitality of Chinese economy. Its potential in urbanization, service and green sectors will be further tapped, and new quality productive forces fostered to sustain growth.
China’s economic expansion target for 2024 is realistic, but the task is no easy. Fresh efforts should be exerted to deepen reform, expand high-standard opening up, and accelerate development.
The Chinese leadership has vowed to strengthen counter-cyclical and cross-cyclical adjustments of macroeconomic policies, continue to implement proactive fiscal policies and prudent monetary policies, and enhance policy innovation and coordination.
Leveraging its strengths in industry, talent and institution, China is capable of achieving the growth target through hard and united efforts, and continuing to be a major engine for global economic growth.
