China Sets Robust Economic Growth Goal but No Big Stimulus

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China’s top leaders set an ambitious goal for economic growth in 2024 as they tried to bolster conviction in an economy facing its biggest challenges in decades. But they announced only modest measures to stimulate growth, refraining from the kind of bold moves the business sector has been looking for to address a property crisis, a loss of confidence among Chinese households and wariness by investors. Premier Li Qiang, the country’s No. 2 official after Xi Jinping, said in his report on Tuesday to the annual session of the legislature that the government would seek economic growth of “around 5 percent.” That is the same target that China’s leadership set for last year, when official statistics ended up showing that the country’s gross domestic product grew 5.2 percent. The central government’s program for spending showed little change. The fiscal deficit was set at 3 percent of economic input — the same target as early last year. Last year’s deficit was eventually raised to 3.8 percent to accommodate more borrowing, something the government signaled could happen again in 2024.