China’s annual growth on track to hit target of around 5%, senior official suggests

The world’s second-largest economy is going to achieve major goals for 2024 and contribute to nearly 30 per cent of global growth, Han Wenxiu, deputy director of the Central Financial and Economic Affairs Commission’s general office, told an economic forum in Beijing.

Describing employment and prices as stable, Han said China’s foreign exchange reserves – the world’s largest – were expected to remain above US$3.2 trillion, according to state broadcaster CCTV.

Earlier this year the country’s annual growth target was set at “around 5 per cent” and policymakers have unveiled a series of stimulus measures in recent months in an effort to hit the target and revive growth.

It is the first comment about China’s economic prospects from a top official following the two-day central economic work conference last week, when planners looked back at 2024 and mapped out strategies for the new year.

Economic planners pledged to seek a sustainable growth rate through a number of policy changes, including a higher fiscal deficit ceiling, more treasury bonds and cuts to interest rates and the reserve requirement ratio.

The new policy proposals “carry significant weight”, and specific plans would be unveiled during the annual legislative session in March, Han said.