China sets lowest economic growth target since 1991 at 4.5% to 5%
In Brief
China lowers its economic growth target to 4.5%-5%, the lowest since 1991.
Key Facts
- China set its 2024 economic growth target at 4.5% to 5%, a slight downgrade from previous years' around 5% target
- This is the lowest growth target announced since 1991
- The target was announced at a gathering of Communist Party leaders
- The lowered target reflects challenges such as a prolonged property slump and global economic uncertainty
- This is the first time the target has been lowered since it was cut to around 5% in 2023
What Happened
China announced its economic growth target for 2024 as 4.5% to 5%, marking the lowest target since 1991. The announcement was made during a meeting of Communist Party leaders. The target represents a slight downgrade from the 'around 5%' goal set in recent years.
Why It Matters
The lowered growth target signals China's response to ongoing economic challenges, including a property market slump and global uncertainties. It may influence policymaking and economic strategies in the coming year, affecting both domestic and international economic relations.
Sources
- CNBC — Deflation and tariff-hit China reportedly sets lowest growth target on record at 4.5% to 5% (2h ago)
- The Independent — China sets a lower economic growth target of 4.5% to 5% for this year(1h ago)
- NYT — China Sets Economy’s Growth Target Below 5% for First Time in Decades(1h ago)
- BBC World — China sets lowest economic growth target since 1991(just now)