Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Chinese premier says economic growth target is about 5%, on par with last year’s rate

Chinese Premier Li Qiang has announced that China’s economic growth target for this year is around 5%, in line with last year’s performance despite forecasts for a slowdown

Via AP news wire
Monday 04 March 2024 20:18 EST

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Chinese Premier Li Qiang has announced that China’s economic growth target for this year is around 5%, in line with last year’s performance despite forecasts for a slowdown.

The ruling Communist Party has said it is prioritizing efforts to encourage consumer spending to help drive the economy. Last year, the economy grew at a 5.2% pace, but that was after a very slow 3% annual growth rate in 2022, when the country was enduring the worst disruptions from the COVID-19 pandemic.

Li emphasized a need to balance security and stability with economic aims, and said the leadership would strive to improve its handling of policies.

“We should communicate policies to the public in a well-targeted way to create a stable, transparent and predictable policy environment,” Li said in a speech on government plans before the ceremonial National People’s Congress in the Great Hall of the People.

The consumer-led recovery hoped for after the end of anti-virus controls that kept millions of people at home faltered midway through last year, as falling housing prices and worries over jobs left many families either reluctant or unable to spend more. Control over the economy increasingly is concentrated under leader Xi Jinping.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in