Current location:Culture Corridor news portal > entertainment
China In Perspective: Confidence, certainty and potential behind China's 2024 growth target
Culture Corridor news portal2024-05-21 12:56:14【entertainment】3People have gathered around
Introduction(Xinhua) 08:12, March 13, 2024An aerial drone photo taken on Feb. 2, 2024 shows a container vessel b
An aerial drone photo taken on Feb. 2, 2024 shows a container vessel berthing at the smart zero-carbon terminal of Tianjin Port in north China's Tianjin. (Xinhua/Zhao Zishuo)
BEIJING, March 12 (Xinhua) -- China has targeted its economic growth at around 5 percent for 2024, a goal that officials and experts believe is well within reach considering the country's sound economic fundamentals and supportive macroeconomic policy mix.
The projected goal, announced in the government work report, remains unchanged from the previous year's growth target.
It's an achievable goal via enhanced efforts, said Zheng Shanjie, director of the National Development and Reform Commission, the country's top economic planner.
"China has the confidence, capabilities and conditions to meet the economic and social development targets for this year," Zheng told a press conference during the annual sessions of China's national legislature and political advisory body, or the "two sessions."
According to him, the favorable conditions for China's economic development outweigh the unfavorable factors in 2024, and the upward trend in economic recovery will further be consolidated and strengthened.
The growth target of around 5 percent was set after the Chinese economy showed solidity and resilience in 2023 by recording year-on-year growth of 5.2 percent.
In the first two months of this year, the country's foreign trade in goods maintained the upward momentum of the fourth quarter of last year, with the imports and exports volume reaching a historical high of 6.61 trillion yuan (about 931.47 billion U.S. dollars).
Other indicators also pointed to a recovery gathering momentum. The outstanding yuan-denominated loans expanded by 4.92 trillion yuan in January, a monthly record high, a sign viewed by analysts as policymakers' stepping up efforts to support the economy.
In the government work report, the country vowed to continue to implement a proactive fiscal policy and a prudent monetary policy in 2024. An array of measures to boost growth this year have also been disclosed, including 3.9 trillion yuan of special-purpose bonds for local governments and the issuing of ultra-long special treasury bonds.
Pan Gongsheng, governor of the People's Bank of China, the central bank, reassured that the country has a rich monetary toolbox and there is still ample policy headroom.
The average reserve requirement ratio (RRR) of China's entire banking sector is 7 percent and there is still room for further RRR cuts, Pan said.
Tian Xuan, vice dean with Tsinghua University's PBC School of Finance, said the projected growth rate is in line with the availability of policy tools and the sustainability of economic development, leaving ample room for promoting the shift of growth drivers and coping with external uncertainties.
Looking forward, the nation's economic landscape is teeming with great potential, as new growth drivers propel the country's longer-term development.
China's exports of the tech-intensive green trio -- lithium-ion batteries, photovoltaic products, and NEVs -- amounted to 1.06 trillion yuan last year, marking a year-on-year robust increase of 29.9 percent.
"New quality productive forces," a catchphrase in China's policymaking, is expected to inject fresh hope and impetus in economic growth.
According to Ning Jizhe, former chief of the National Bureau of Statistics, the pursuit of new quality productive forces will create significant investment demand amid the digitization, intelligence, and greening of infrastructure.
With focus on the prospect for future growth, China aims to foster advanced productivity through revolutionary technology breakthroughs, innovative allocation of production factors and deepened industrial upgrading.
In the eyes of Zhao Minge, chairman of metal company Shougang Group, the development of new quality productive forces will bring new opportunities to traditional enterprises. "For the next step, our company will promote the upgrade of traditional industries in a coordinated way and achieve the growth driver transformation by boosting innovation," Zhao said.
"Generally speaking, China has sufficient space for technological innovation, industrial upgrading, and productivity improvement," said Justin Yifu Lin, dean of the Institute of New Structural Economics at Peking University.
In light of substantial residents' savings, abundant investment resources, as well as the government's strong willingness to develop the economy, he said a full-year growth target of 5 percent is entirely attainable, considering the country's potential to reach 8 percent growth.
Address of this article:http://italy.carpetcleaningepping.com/html-28b599937.html
Very good!(63)
Related articles
- Nadal returns to Roland Garros to practice amid doubts over fitness and form
- Dua Lipa and her boyfriend Callum Turner put on a loved
- McLaughlin wins 2nd straight at Barber, putting happy ending on rough week for Team Penske
- Bournemouth moves into top half of the Premier League after 3
- Trump accepts a VP debate but wants it on Fox News. Harris has already said yes to CBS
- Royal Challengers Bengaluru stay alive with win over Gujarat Titans in IPL
- Inside Elizabeth Hurley's 'old fashioned' diet and exercise routine
- Riley's RBI single in 10th lifts Braves to 4
- Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
- Pope visits Venice to speak to the artists and inmates behind the Biennale's must
Popular articles
- Shooting injures 2 at Missouri high school graduation ceremony
- David Rittich gets the start in goal for Los Angeles in Game 4 against Edmonton
- McLaughlin wins 2nd straight at Barber, putting happy ending on rough week for Team Penske
- The Canucks are starting a 3rd different goalie, Arturs Silovs, in Game 4 of series with Predators
Recommended
Four people killed in a house explosion in southwestern Missouri
Haaland returns and scores as Man City beats Nottingham Forest 2
10 spotted seals released into ocean off northeast China city
Marlins place struggling outfielder Avísail García on injured list
Target to lower prices on basic goods in response to inflation
German police arrest a Russian man in connection with the fatal stabbings of 2 Ukrainian men
NFL mock draft 2025: Titans take Carson Beck No. 1; Giants select Shedeur Sanders in top 10
Alcaraz earns another comfortable win in Madrid. Spaniard is making successful return from injury
Links
- Children Enjoy Summer Vacation Across China
- Beijing Prepares for National College Entrance Exam
- AI empowers traditional Chinese medicine to explore new potentials
- HK Celebrates 25th Anniversary of Return to Motherland
- Villagers Perform Water Drum Dance in Jianhe County, SW China
- China Ensures Healthcare Access for All 510 Mln Rural Residents
- China to Cultivate More Skilled Personnel in Manufacturing Sector
- Shanghai Regulates Shoppable Livestreaming
- China's Online Payment Users Top 900 Mln: Report
- Watermelon Sales Boost Villagers' Income in Rongjiang County, Guizhou