China has set an economic growth target of 5 percent by 2024 China has set an economic growth target of 5 percent by 2024

China has set an economic growth target of 5 percent by 2024

China has set an economic growth target of 5 percent by 2024

Beijing - The Chinese government has set a target for economic growth of around 5 percent in 2024 and the unemployment rate in urban areas at around 5.5 percent.

"The main development targets this year are a Gross Domestic Product (GDP) growth rate of around 5 percent, the creation of more than 12 million jobs in urban areas and an unemployment rate in urban areas of around 5.5 percent," said Prime Minister Li Qiang at the opening of the Congress Session. National People of China (NPC) at the Great Hall of the People, Beijing, China on Tuesday.

China's parliamentary institution is the National People's Congress of China (National People's Congress or NPC), which is the largest legislative body in China with 2,956 members with a term of office of five years. Members of the NPC (quan guo ren da dai biao) are elected through general elections from China's provinces and regions and various government departments.

"When setting a growth target of around five percent, we understood that it was necessary to increase employment and income and reduce risks. This growth rate is in line with the target of the 14th Five-Year Plan," Li added.

However, Li admits that it is not easy to achieve this growth target so it requires policy continuity and mobilizing all resources.

"As long as we implement the decisions and plans of the Central Committee of the Communist Party of China, seize good opportunities under various conditions and earnestly work with dedication, there is no doubt that we can overcome difficulties and challenges and achieve stable economic growth," Li added.

Meanwhile, the Consumer Price Index (CPI) is set to increase by around 3 percent, agricultural output growth will reach more than 650 million metric tons and a reduction in energy consumption of 2.5 percent per unit of GDP.

"In setting these targets, we took into account domestic and global dynamics as well as other relevant factors and other possibilities," said PM Li.

In 2023, China's National Bureau of Statistics (NBS) said that the Bamboo Curtain country's economic growth will grow by 5.2 percent.

China's GDP in 2023 reached 126.06 trillion yuan (around 17.71 trillion US dollars) in 2023 compared to 2022 GDP which was at 120.4724 trillion yuan (around 17.01 trillion US dollars), according to NBS data.

Meanwhile, the unemployment rate in urban areas reached 5.2 percent or decreased by 0.4 points compared to 2022. NBS introduced a new category in the unemployment survey in 31 major cities in China, namely the 16-24 year old category, the unemployment rate reached 14.9 percent, aged 25 -29 years the figure is 6.1 percent and 30-59 years reaches 3.9 percent.

Meanwhile, the number of new jobs created in urban areas between January and November 2023 increased to 11.8 million, an increase of around 350.

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