China's legislature opens session, 2024 economic growth target set around 5%

China’s economic growth goal for 2024 is around 5 percent, Premier Li Qiang told legislators while presenting the government report at the opening session of the National People’s Congress (NPC), China’s national legislature at the Great Hall of the People in Beijing.

President of China Xi Jinping and other top government officials attended the opening meeting.

“We secured a smooth transition in epidemic response following a major, decisive victory in the fight against Covid-19. The main goals and tasks for economic and social development in 2023 were accomplished, and we made steady progress in pursuing high-quality development, maintained overall social stability, and made solid advances in building a modern socialist country in all respects,” Li Qiang said in the report.

According to the report submitted to lawmakers, the government of China targets economic growth of around 5% in 2024. It plans to create more than 12 million jobs in urban areas.

The ratio of deficit to gross domestic product (GDP) is set at 3 percent.

China will see 3.9 trillion yuan of special-purpose bonds for local governments to be issued this year, up by 100 billion yuan from last year.

Defense spending will increase 7,2% and comprise 1.5537 trillion yuan (about 224.79 billion U.S. dollars).

“We will stay committed to an independent foreign policy of peace and to peaceful development. We will remain firm in pursuing a strategy of opening up for mutual benefit. We call for an equal and orderly multipolar world and universally beneficial and inclusive economic globalization, and we are committed to promoting a new type of international relations. We will remain firm in opposing all hegemonic, high-handed, and bullying acts and upholding international fairness and justice,” the Chinese Premier said.

The National People’s Congress started its weeklong session Tuesday, while the concurrent meeting of the Chinese People’s Political Consultative Conference, a top advisory body, began Monday.

This article has been written within the framework of the China International Press Communication Center (CIPCC) 2024 media exchange program.