China sets 5% economic growth target in 2024

China targets economic growth of around 5 percent in 2024, according to a government work report submitted Tuesday to the national legislature for deliberation, Xinhua reported.

China sets 5% economic growth target in 2024
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The country expects to create over 12 million jobs in urban areas and keep the surveyed urban unemployment rate at around 5.5 percent this year, according to the report.

A proactive fiscal policy and a prudent monetary policy will be continued, with the ratio of deficit to gross domestic product (GDP) set at 3 percent and the government deficit to rise by 180 billion yuan from the 2023 budget figure.

The country will see 3.9 trillion yuan of special-purpose bonds for local governments to be issued this year, up by 100 billion yuan from last year.

It will also issue ultra-long special treasury bonds over each of the next several years for the purpose of implementing major national strategies and building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year, the report said.

The consistency of the macro policy orientation should be enhanced, it said.

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