India, March 5 -- Despite the fading favorable base year effects, real estate meltdown and deflationary pressures, China has set an economic growth target of about 5 percent for 2024 that was unchanged from its previous year goal, which is set to force policymakers to focus on stimulus.
In the annual work report, Premier Li Qiang on Tuesday projected the budget deficit at 3 percent of GDP and lifted defence spending by 7.2 percent.
The government targets the urban unemployment rate of around 5.5 percent and intends to generate 12 million jobs.
China aims to bring inflation to 3 percent in 2024, in line with the last year target. However, consumer price inflation remained negative for the fourth straight month in January. Further, the gov...