China Politburo raises expectations for ambitious 2024 GDP goal

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That change indicates more caution toward broad monetary easing and a greater focus on targeted tools, according to economists. The size of cuts to interest rates and bank reserve requirements may be smaller next year than in 2023, said ANZ’s Xing. Citigroup economists led by Yu Xiangrong said that the Politburo’s language suggests a shift of focus “more toward economic progress”. They also expect a GDP target of “around 5 per cent” next year. However, there was “no indication for mega stimulus from the meeting”, they added. The Politburo’s call for the government to “act within its capabilities” to improve...