Chinese Economic Official Says 5% Growth Target For 2024 Is Achievable

Chinese Economic Official Says 5% Growth Target For 2024 Is Achievable

March 7, 2024, 9:03 a.m.

A senior Chinese economic official says the government's growth target of around 5 percent this year is achievable by combining fiscal and monetary policies.

Zheng Shanjie, chairman of the National Development and Reform Commission, spoke to reporters on Wednesday on the sidelines of the National People's Congress. Premier Li Qiang announced the growth goal in his report to the congress on Tuesday.

Zheng said there are reasonable grounds for the goal, which is attainable if all-out efforts are made.

But Zheng also said that the Chinese economy is facing many difficulties and challenges, such as a severer external environment. He indicated there is risk for achieving the target.

Zheng also referred to ultra-long-term bonds the government plans to issue in the coming years.

He said the bonds will be used to invest in cutting-edge technologies and other key strategies, as well as in the fields of food and energy security among others.

Zheng said the bonds should not only stimulate current investments and consumption, but also help build the foundation of long-term, high-quality developments.

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