China sets ambitious economic growth target of ‘around 5%’ for 2024, vows to ‘transform’ economy

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 (NPC), 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. “In particular, we must push ahead with transforming the growth model, making structural adjustments, improving quality, and enhancing performance.”

Li’s proclamation comes as Beijing is seeking to boost confidence in China’s economy, while grappling with a troubled property sector, deflationary pressures, an exodus of foreign capital, a battered stock market and a record low birth rate.

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