China expects to achieve its growth target for this year. President Xi Jinping said on Tuesday that the Asian country’s gross domestic product (GDP) is expected to grow by around 5 percent in 2024.
This puts the country on track to achieve the official target despite economic problems.
Xi said during a New Year’s event that the Chinese economy was “generally stable” and “progressing amid stability”, according to a speech published by the Chinese state news agency Xinhua.
An exact figure for GDP will be announced next month. The Chinese leader’s words are the culmination of a year full of economic uncertainty in the country, where the growth target was initially seen as a goal without a plan. The outlook for 2024 improved after policymakers implemented a series of stimulus measures in September.
China is struggling with weak consumer confidence and persistent problems in the real estate market. China has cut interest rates and relaxed home purchase regulations to help the growth of the world’s second-largest economy. China is expected to set a target for 2025 roughly the same as this year.