...markets not enthused/convinced with the Chinese Govt's announcements which did not include major policy nor stimulus shift, Shanghai index -0.22%, Hang Seng -1.41%, Chinese banks circa -1% lower.
....no bazooka = bad news for our resource sector/stocks and the AUD which is at 65.06c poised to break 65c today or tomorrow when our GDP number is out. China sets 2024 GDP growth target at around 5pc, same as last year
Reuters
China has set an economic growth target for 2024 of around 5 per cent, similar to last year’s goal and in line with analysts’ expectations, according to an official work report seen by Reuters on Tuesday.
The National People’s Congress (NPC), China’s rubber-stamp parliament, is due to hear Premier Li Qiang’s maiden work report at its annual meeting in Beijing this week. The report sets out the government’s key economic and social development goals each year.
China’s economy expanded 5.2 per cent in 2023, but it remains heavily reliant on credit-driven, state-led investment, raising concerns over whether it can sustain that pace in the longer-term.
This year’s target will be harder to reach than last year’s because the favourable base effect from a COVID-hit 2022 has faded, analysts say.
A property crisis, deepening deflation, a stock market rout, and mounting local government debt woes are putting great pressure on China’s leaders to take momentous policy decisions that will put the economy on a solid footing for the long term.
