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Xi Jinping's Promise

Xi Jinping’s Promise to Spur Economic Growth Targets. Recently, China has set an ambitious target of economic growth of 5% by 2024. The country has also promised steps to boost its economy.

Chinese Prime Minister Li Qiang on Tuesday (5/3/2024) when reporting the first work report at the National People’s Congress, admitted that achieving this target was considered not easy. In fact, a proactive fiscal stance and careful monetary policy are needed.

Li promised several steps to change his country’s development model and reduce risks in the property sector. He also flagged high defense spending and strengthened rhetoric against Taiwan.

First, the country led by Xi Jinping plans to implement a budget deficit of 3% of economic output, down from the 2023 revision of 3.8%. China also plans to issue 1 trillion yuan, in the form of special ultra-long-term bonds, which are not included in the budget.

The special bond issuance quota for local governments was set at 3.9 trillion yuan, compared with 3.8 trillion yuan in 2023. China also set a consumer inflation target of 3% and aims to create more than 12 million urban jobs by 2024, by maintaining the level unemployment is around 5.5%.

Then, China’s defense budget has also doubled since President Xi Jinping came to power more than a decade ago. Based on research from the International Institute for Strategic Studies, this year will be the 30th year of consecutive increases in defense spending.

In the property sector, Li promised to finance “justifiable” projects and provide more social housing.

Xi Jinping’s Promise to Spur Economic Growth Targets. Although China wants to curb industrial overcapacity, Li also earmarked more resources for technological innovation and advanced manufacturing, which he called new productive forces.

China will also lift restrictions on foreign investment in the manufacturing sector, and formulate development plans for quantum computing, big data and artificial intelligence (AI) as China seeks to achieve technological self-sufficiency.

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