China Sets Ambitious Goals for Economic Growth and Innovation in Upcoming Year
Tuesday, 5 March 2024, 10:54
China's Ambitious Targets for Growth and Innovation
The decisions taken in China reflected limited changes to its main targets as they were largely in line with expectations.
Economic Projections:
- GDP Growth: China estimates around 5% growth for this year
- Inflation Target: Expectation set around 3%
- Targeted deficit: 3% of GDP
- Jobless Rate: 5.5%
China aims to create over 12 million new urban jobs, focusing on tech innovation and upgrading industries.
Priorities:
- Tech Innovation: Key focus areas include hydrogen power, new materials, drug research, and commercial aviation
Analysts are cautious about achieving these optimistic targets, leading to a market reaction with Chinese stocks in Hong Kong dropping.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.