China targets 5% economic growth in 2024

China targets economic growth of around 5 percent in 2024, according to a government work report submitted Tuesday to the national legislature for deliberation, reported Xinhua.

The country expects to create over 12 million jobs in urban areas and keep the surveyed urban unemployment rate at around 5.5 percent this year, according to the report.

A proactive fiscal policy and a prudent monetary policy will be continued, with the ratio of deficit to gross domestic product (GDP) set at 3 percent and the government deficit to rise by 180 billion yuan from the 2023 budget figure.

The country will see 3.9 trillion yuan of special-purpose bonds for local governments to be issued this year, up by 100 billion yuan from last year.

It will also issue ultra-long special treasury bonds over each of the next several years for the purpose of implementing major national strategies and building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year, the report said.

The consistency of the macro policy orientation should be enchanced, it said.