China sets GDP growth target of around 5% for 2024

China has set an economic growth target of around 5 percent for 2024, according to a government work report delivered by Premier Li Qiang on Tuesday at the opening meeting of the second session of the 14th National People's Congress (NPC), China's national legislature, at the Great Hall of the People in Beijing.

Li said that in setting the growth target, the Chinese government has taken into account the need to boost employment and incomes besides preventing and defusing risks.

"This growth rate is well aligned with the objectives of the 14th Five-Year Plan and the goal of basically realizing modernization," Li said. "It also takes account of the potential for growth and the conditions supporting growth and reflects the requirement to pursue progress and strive to deliver."

The premier stressed both stability and progress. He said that stability "is the basis for everything we do," urging localities and government departments to adopt more policies conducive to keeping expectations, economic growth and employment stable. He also warned officials against taking measures that could be "contractionary" or "inhibitive" in nature.

Li said that making progress is still the goal of the government. He called for proactive actions to transform China's growth model, make structural adjustments and improve the quality of China's socioeconomic development.

Aside from the GDP growth target of around 5 percent, Li also listed the following development targets for the year:

• Creation of over 12 million new urban jobs

• Surveyed urban unemployment rate of around 5.5 percent

• Consumer Price Index (CPI) increase of around 3 percent

• Growth in personal income in step with economic growth

• A basic equilibrium in the balance of payments

• Grain output of over 650 million tonnes

• A drop of around 2.5 percent in energy consumption per unit of GDP

• Continued improvements in the environment

The Chinese premier expressed his confidence in achieving these goals, citing China's advantages for economic development, including distinctive institutional strengths, a vast market, a complete industrial system, a huge and high-caliber workforce and growing sci-tech innovation capacity.

"The underlying trend of economic recovery and long-term growth remains unchanged and will not change," Li said.

The premier also acknowledged that achieving these targets is not easy. He said that the government will intensify counter- and cross-cyclical adjustments through macro policies, continue to implement a proactive fiscal policy and a prudent monetary policy, and strengthen coordination between policy instruments while developing new ones.