China sets ambitious growth target of around 5% and announces increases in military spending at National People’s Congress

News Snapshot:

China has set an ambitious growth target of around 5% for 2024 as it aims to boost its flagging economy. Chinese Premier Li Qiang made the announcement at the opening of the country's annual meeting of the National People's Congress on Tuesday, in a speech that prioritised both security and the economy. Mr Li said the government would issue 1 trillion yuan (around £110bn) in "ultralong special treasury bonds" in 2024 and over each of the coming several years - a long hoped-for extra promise of government spending to help support flagging growth. The ruling Communist Party has been emphasising...