Growth target shows country's confidence

Proactive fiscal policy will play key role this year, says Government Work Report.

- Wang Keju, Liu Zhihua and Zhou Lanxu

China has set an annual economic growth target of around 5 percent for 2024, unchanged from the previous year and a goal that analysts and executives said is feasible, as the country maps out intensified and targeted macro support policies to anchor the world's second-largest economy and contribute to global economic recovery.

The target, unveiled in the Government Work Report delivered by Premier Li Qiang at the opening meeting of the annual session of the country's national legislature on March 5, is higher than forecasts made by the International Monetary Fund and the World Bank, showcasing the country's confidence in and capacity for sustaining stable growth amid a gloomy world economy, they added.

The need to boost employment and incomes and prevent and defuse risks had been considered as the government unveiled the growth target, which is well aligned with the objectives of the 14th Five-Year Plan (2021-25) and the country's goal of "basically realizing modernization", and it takes into account the potential for growth and the conditions supporting growth, said Premier Li.