China has set an ambitious economic expansion target of “around 5%“ for 2024, as its leaders vowed to “transform the growth model” in the face of significant challenges facing its development.
The figure — similar to last year’s growth target — was announced by Chinese Premier Li Qiang on Tuesday at the opening of the annual gathering of the National People’s Congress , the country’s rubber-stamp legislature, which draws nearly 3,000 delegates to Beijing for a week-long meeting. “Stability is of overall importance, as it is the basis for everything we do,” Li said during the delivery of his maiden work report. “Making progress is our goal, and it is also what motivates us,” he said.
But he and his top officials have been telegraphing in recent weeks that they would stay focused on growth, as part of a broader government push to repair broken business confidence and skepticism about Xi’s policy direction — and quash negative narratives. As part of those strategic goals, China boosted its annual budget for science and technology by 10% to an unprecedented 370.8 billion yuan — the biggest increase since 2019 after years of minimal growth.
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