China will announce the economic growth goals in 2024 at the two sessions that opened this week and outline the strategy of economic revitalization.
Li Qiang, Prime Minister of the State Council of China, will publish the first government work report at the National People's Congress on Tuesday.Last year, the economy suffered from shrinking, continuous real estate crises, increasing debt burdens, and outflowing from foreign capital. Officials hoped to regain their slowdown.
Investors will closely pay close attention to policies priority matters and stimulus signals.China is expected to set the annual economic growth goal of about 5% -although the same as last year, it has become more difficult because the base is higher.The focus will include the intensity of fiscal stimuli, new economic growth points, and plans to promote consumption.State President Xi Jinping is leading China to get rid of the real estate -driven growth model.
Beijing's policy positions may continue to grow favorable, but it will not be "rocket artillery stimulation", Morgan Chase economist said in a preview report on the National People's Congress."The central economic work conference in December last year has determined the policy tone in advance. We don't think it will have a major deviation with it."
They added that if the government work report also talked about many market concerns about economic challenges, including shrinkage risks, unemployment rates, and the impact of real estate atrophy, it would be a surprise.
Government work report and fiscal budget report will be announced on the first day of the People's Congress, and will be discussed and approved in the next few days.
