China’s Economy

       Robust Economic Growth Goal Investors Lose Faith Decline in Consumer Prices Evergrande’s Collapse Widening Real Estate Crisis

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       China Sets Robust Economic Growth Goal but No Big Stimulus

       Premier Li Qiang targets growth of about 5 percent this year but signals continued reluctance to use deficit spending for economic stimulus.

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       Chinese Premier Li Qiang bowing after delivering his economic agenda at the National People’s Congress at the Great Hall of the People in Beijing on Tuesday. Credit...Florence Lo/Reuters

       By Keith Bradsher, Alexandra Stevenson and Chris Buckley

       Keith Bradsher and Alexandra Stevenson reported from Beijing and Chris Buckley from Taipei, Taiwan.

       Published March 4, 2024Updated March 5, 2024, 2:16 a.m. ET

       阅读简体中文版 阅读繁体中文版

       China’s top leaders set an ambitious goal for economic growth in 2024 as they tried to bolster conviction in an economy facing its biggest challenges in decades.

       But they announced only modest measures to stimulate growth, refraining from the kind of bold moves the business sector has been looking for to address a property crisis, a loss of confidence among Chinese households and wariness by investors.

       Premier Li Qiang, the country’s No. 2 official after Xi Jinping, said in his report on Tuesday to the annual session of the legislature that the government would seek economic growth of “around 5 percent.” That is the same target that China’s leadership set for last year, when official statistics ended up showing that the country’s gross domestic product grew 5.2 percent.

       The central government’s program for spending showed little change. The fiscal deficit was set at 3 percent of economic input — the same target as early last year. Last year’s deficit was eventually raised to 3.8 percent to accommodate more borrowing, something the government signaled could happen again in 2024.

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       The deficit is important because the more the government borrows, the more it can spend on initiatives that could boost the economy.

       Conspicuously missing from the premier’s agenda and budget documents released Tuesday was a move to shore up the country’s social safety net or introduce other policies, like vouchers or coupons, that would directly address Chinese consumers’ very weak confidence and unwillingness to spend money.

       China consumer confidence index

       Source: China National Bureau of Statistics

       By The New York Times

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       Keith Bradsher is the Beijing bureau chief for The Times. He previously served as bureau chief in Shanghai, Hong Kong and Detroit and as a Washington correspondent. He has lived and reported in mainland China through the pandemic. More about Keith Bradsher

       Alexandra Stevenson is the Shanghai bureau chief for The Times, reporting on China’s economy and society. More about Alexandra Stevenson

       Chris Buckley, the chief China correspondent for The Times, reports on China and Taiwan from Taipei, focused on politics, social change and security and military issues. More about Chris Buckley

       A version of this article appears in print on March 6, 2024, Section B, Page 1 of the New York edition with the headline: China Sets Bold Target For Growth In Economy . Order Reprints | Today’s Paper | Subscribe

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