China announced on Tuesday that will expand domestic demand and integrate its strategy in this regard with efforts to deepen structural reform on the supply side.
The information was known during the presentation of the report on the Government's work before the national legislative body for deliberation.
The text indicates that China will promote constant growth in consumer spending and implement policies to encourage digital, environmentally friendly and health-related consumption.
It will also boost spending on smart connected new energy vehicles, electronic products and other big-ticket items.
To improve the consumption environment, China will launch a year-long program to stimulate consumption, according to the report. Likewise, the Asian country will increase effective investment.
This year, the central government budget will allocate 700 billion yuan for investment.
China set on Tuesday “around 5%” the growth target for its gross domestic product (GDP) in the current fiscal year, revealed the country's Prime Minister, Li Qiang, during the opening of the annual session of the National Assembly Popular (ANP, Legislative).
Although the forecasts of the International Monetary Fund (IMF) and the World Bank (WB) now call for growth of 4.6% and 4.5% in 2024, respectively, most analysts agreed that the authorities would set 5% the official goal for this year.
In 2023, China has already established its growth target “around 5%”, with official data finally pointing to a GDP increase of 5.2% for the entire yearalthough on this occasion repeating figures like these will represent a greater challenge because last year the comparative basis was more favorable, since the second largest economy in the world grew by only 3% in 2022 due to the 'zero covid' policy.
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