China set on Tuesday a growth target of around five percent for 2024, an ambitious objective analysts said would be a challenge to meet given the severe headwinds battering the world’s second-largest economy. The growth objective, alongside the overall budget and key government policies for 2024, was announced at China’s annual National People’s Congress (NPC), which kicked off Tuesday morning.
Last year’s NPC saw President Xi Jinping anointed for a historic third term, cementing his rule as the most powerful Chinese leader since Mao Zedong. This year’s gathering will focus on a litany of economic and security challenges, including a protracted property sector crisis, soaring youth unemployment.—AFP
