China sets growth target of 5pc despite challenges

News Snapshot:

Tokyo | China has set a 2024 gross domestic product (GDP) growth target of around 5 per cent, matching last year’s forecast, in a goal that is seen as highly ambitious while the country tackles a property crisis, deflation, and rising debt. China Premier Li Qiang announced the widely anticipated target as he delivered his first “work report”, or annual budget, outlining key policies and economic targets for the year ahead. The annual quota of local government bonds used to fund infrastructure development was set at 3.9 trillion yuan ($833 billion), slightly higher than the year before and in line...