China confident it will hit 5% growth target for 2024: Video
China's top economic planner has expressed strong confidence that the nation will achieve its economic growth targets for 2024. This announcement comes amid a series of stimulus measures introduced in September, which have already had a positive impact on stock markets.
Zheng Shanjie, head of the National Development and Reform Commission (NDRC), stated at a press conference that the Chinese government is "fully confident" in meeting its economic and societal development goals for 2024.
Despite global economic uncertainties and domestic challenges, Zheng emphasised that the fundamentals of China's economy remain robust.
"The National Holiday that just concluded saw strong market consumption, and we are fully confident in achieving the goals of economic and societal development for the year. We are also fully confident in maintaining stable, healthy and sustainable development. This is the first aspect of my briefing to you today," Zheng said.
He further stated "Overall, when we look at the current development, and the development forecast, the fundamentals of our country's economic development have not changed. With the continued release of various policies, particularly incremental packages, market expectations have recently significantly improved."
In September, China unveiled a range of stimulus measures aimed at boosting economic activity. These measures included tax cuts, increased infrastructure spending, and policies to support small and medium-sized enterprises.
The announcement of these initiatives led to a surge in stock market performance, reflecting investor optimism about China's economic prospects.
Interestingly, Zheng noted that there would be no need for additional large-scale fiscal spending for the remainder of the year. "The Chinese economy isn't in a crisis," he said, "and we don't need to announce a large fiscal spending package to help China hit its GDP target".
The country has set an ambitious growth target of 5% for 2024. According to the National Bureau of Statistics, China's GDP grew 4.7% in the second quarter and 5.3% in the first three months of 2024.
