China's 2024 economic blueprint lacks details Market participants are unreassured
In order to boost confidence in China's economy, Beijing has set a full-year economic growth target of around 5%. But in the view of some analysts, Premier Li Qiang's goal but no concrete plan will not solve the serious challenges facing the world.
Li Qiang announced on the opening day of the National People's Congress that China will maintain the same economic growth rate as last year, the second time in 10 years that Beijing has not lowered its economic targets, the last time in 2018 when the trade war between China and the United States broke out.
Caught in the longest deflationary cycle since the 1990s Although Li Qiang told the delegates that achieving this year's expected goals would require concerted efforts from all sides, this was not reflected in his government work report. He did not adjust the fiscal deficit ratio, did not launch major measures to boost consumption, and did not give specific details on how to solve the housing crisis. China is in the midst of its longest deflationary cycle since the 1990s, and the government work report does not directly mention deflation.
"This is a target that is not supported by a concrete plan," said Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis. "This shows that the authorities in Beijing do not recognize the gravity of the situation. What do you need to do to support consumption? Wages have been falling, it's deflation, what are you going to do about it? ”
China is hopeful that confidence in private enterprises and residents will pick up. According to Xinhua News Agency on Tuesday, Xi Jinping expressed support for the development and growth of the private economy and private enterprises when participating in the deliberations of the Jiangsu provincial delegation, boosting the confidence of the whole society in development.
China's economy has been slowing for more than a decade China's economy has been slowing for more than a decade, and it is slowing more and more widely, growing at an average of just over 4 percent over the past two years.
President Xi Jinping advocates self-reliance and self-improvement in science and technology, placing national security as important as economic growth. At the same time, the massive stimulus measures previously introduced during the economic downturn are no longer being used to contain debt risks.
Li Daokui, a professor at Tsinghua University who advises the Chinese government on setting annual targets, said this year's growth targets were quite aggressive. He believes that projects such as the renovation of old towns, which were highlighted on Tuesday, are also crucial, but officials should focus on stimulating consumption.
Li Daokui told Bloomberg TV that he told the prime minister that China needs to adopt more aggressive policies to boost consumption. Li suggested that the government issue consumption vouchers worth RMB1 trillion on the next major festival.
Li Qiang reiterated that he will promote the trade-in program to promote the consumption of electric vehicles, electronics and other big-ticket goods. Goldman Sachs estimates that the program could contribute 0.6 percentage points to GDP growth this year.
Focus on the supply side or lead to more deflation and international trade tensions Officials have also been instructed to reorient economic growth and accelerate the development of new productive forces, a slogan coined by Xi Jinping in September that refers to cultivating a driving force for high-tech development. The vague wording has heightened fears that China's policies will focus on the supply side in the future, leading to more deflation and international trade tensions.
China has set a target of 1 for the full year of new urban jobs
India is a 3 trillion usd economy. at 8% India will contribute USD 240 billion to growth. China at USD 20 trillion economy at 5% will contribute 1 trillion to world growth
I think Malaysia should respect and get to know China more. Anwar doing a great job in Australia telling the Australia to f off and not create trouble in this region.
i would make an assumption if China invades Taiwan
1) China will lose the battle and not even that 2) China will loses some coastal provinces to Taiwan 3) Taiwan may eventually control China
my assumption is based on the following 1) Xi has never had 1st hand information whatever information's that Xi received are 3rd and 4th filtered or fabricated information as Xi is someone only like to see and hear what he likes and closed eye or punish to those who provide real and true information 2) Xi is living in his illusionary world as of mentioned above in some point QQQ your are far better than Xi as you have 1st hand information where Xi doesn't have
Posted by qqq47660 > 14 minutes ago | Report Abuse Only people who respect China do well.......................the rest are victims of american hegemony.
no leh QQQ you are more hegemony than the American go read back all what u said full of hegemony spirit
Looks like Meituan (HK:3690) is taking a hit with weaker Q4 revenue due to slow consumer spending in China. Shares are down 11.6% to HK$91.10, hitting a three-year low. Hang Seng index is also down nearly 2% because of Meituan's losses.
But internet shares are not part of Xi jinping high quality development.....have never been. Basic technology of these internet companies have been invented decades ago.
China collapsing says western media but Hang Seng is now 5 month high.
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