China sets growth target of 5%, but says will be tough

China Sets Aggressive, Economic Growth , Target for 2024. Associated Press reports that China has said it aims to achieve 5% economic growth in 2024, despite facing many challenges. Premier Li Qiang outlined plans to boost China's economy while addressing the annual session of the National People's Congress. Premier Li Qiang outlined plans to boost China's economy while addressing the annual session of the National People's Congress. The plan includes increased spending on developing advanced technology, fortifying the military and other longstanding goals. According to Li, the Chineses government would continue with a "pro-active fiscal policy and prudent monetary policy.”. The plan looks to boost growth by issuing long-term bonds over several years, beginning with about $139 billion in 2024. Those bonds would be used to implement "major national strategies" and boost security "in key areas.". The plans also include a "new development model" aimed at easing a prolonged real estate slump by building government-subsidized housing. The foundation for China’s sustained economic recovery is not yet stable, with insufficient effective demand, overcapacity in some industries, weak social expectations, and still many risks and hidden dangers, Li Qiang, Chinese Premier, via Associated Press. The foundation for China’s sustained economic recovery is not yet stable, with insufficient effective demand, overcapacity in some industries, weak social expectations, and still many risks and hidden dangers, Li Qiang, Chinese Premier, via Associated Press. According to a draft budget, an additional $231 billion would be set aside for defense spending, representing a 7.2% increase from 2023. . According to a draft budget, an additional $231 billion would be set aside for defense spending, representing a 7.2% increase from 2023. . The underlying trend of economic recovery and long-term growth remains unchanged and will not change. So we must be more confident and more assured of ourselves, Li Qiang, Chinese Premier, via Associated Press