Premier Li Qiang vows to tackle property crisis, high local debt and persistent deflation
China will target economic growth of about 5 per cent this year, a rate analysts have described as “ambitious”, as the world’s second-largest economy battles challenges ranging from a property slowdown to weak investor confidence. Premier Li Qiang, President Xi Jinping’s number two, announced a budget deficit target in line with last year’s figure and new special central government bonds but disappointed investors who had been hoping for a bigger spending boost for the economy.
But analysts cautioned that the 2024 target would be harder to achieve than in 2023, when growth, which came in at 5.2 per cent, was flattered by a low base effect during the pandemic. “It will be a more challenging path to repeating 5 per cent growth in 2024,” said analysts at ING. They said consumption drove last year’s recovery but weak consumer confidence and a negative wealth effect would make this difficult to repeat in 2024.
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