China GDP: China maintained the target of five percent growth for 2024, PM Li Qiang said this
China GDP: China's Prime Minister Li Qiang, in his report presented at the inaugural session of the National People's Congress (NPC), the country's rubber-stamp parliament, expressed hope that more than 12 million jobs would be created in urban areas this year. The urban unemployment rate this year is estimated to be around 5.5 per cent.
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Facing economic recession and weakening business sentiment, China has set a target of modest economic growth of five per cent in the year 2024. Along with this, the neighbouring country has also promised to create 1.2 crore jobs amid concerns over rising unemployment.
In his report presented at the inaugural session of the National People's Congress (NPC), the country's rubber-stamp parliament, Chinese Prime Minister Li Qiang expressed hope that more than 12 million jobs would be created in urban areas this year. The urban unemployment rate this year is estimated to be around 5.5 per cent.
More than 2,000 delegates from throughout the nation, along with Chinese President Xi Jinping, attended the nearly week-long NPC annual session. Initiatives that are required to support the expansion of the second-largest economy in the world were discussed during this time.
Through 2024, China promised to maintain a cautious monetary policy and an active fiscal policy, with the deficit remaining at 3% of GDP. Li stated in his 39-page work report that the government deficit from the 2023 budget would rise by 180 billion yuan (US$26 billion). China had experienced growth of 5.2% in the previous year.
