China’s capital city Beijing has set a growth target of around 5% for 2024, surpassing last year’s target of above 4.5%, despite expectations of slower growth for the national economy, reports Reuters. The economy of the capital city expanded 5.2% in 2023, in line with the national economy, which has so far posted feeble post-pandemic growth amid a deepening property crisis, mounting local government debt and persistent deflationary risks.
“The target of around 5% is needed to stabilise expectations and boost confidence, to achieve important livelihood goals such as employment and household income,” the Beijing Daily reported on Sunday, citing an unnamed government official. “But a growth rate of around 5% is still very challenging, and achieving the goal requires arduous efforts,” the official said.
Beijing aims to control its survey-based urban jobless rate below 5% this year.