Today: April 22, 2024
Today: April 22, 2024

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

Share This
LA Post: Chinese premier says economic growth target is about 5%, on par with last year’s rate
AP
AP
March 04, 2024

BEIJING (AP) — 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.

Popular

Olympic champion Jepchirchir wins women's race at London Marathon

Olympic champion Peres Jepchirchir of Kenya pulled away late to win the London Marathon women’s race on Sunday and cement her status as the favorite to defend her gold in Paris

15 people suffer minor injuries in tram accident at Universal Studios theme park in Los Angeles

A tram accident at the Universal Studios Hollywood theme park in Los Angeles has injured 15 people

Ryan Garcia knocks Devin Haney down 3 times and hands his amateur rival his first pro loss

Ryan Garcia knocked Devin Haney down three times and handed the WBC super lightweight champion his first loss, winning the fight by majority decision but not the title because he was over the weight limit

Things to know about the NBA playoffs, which start Saturday

The Boston Celtics had almost no trouble at all with the 14 teams that didn’t make the playoffs this season, going 35-4 against those squads

Related

Tesla cuts the price of its "Full Self Driving" system by a third to $8,000

US commerce secretary downplays chip in advanced Huawei phone

Morning bid: Fragile FX, tech swoon cloud sentiment

Conservative Brazilians laud Elon Musk at rally in support of ex-president Bolsonaro

- Advertisement -
Advertisement: Limited Time Offer