Beijing has set an ambitious GDP growth target of 5% for 2024 in its efforts to propel the economy forward. Despite facing challenges like a slowdown in demand and a property crisis, China has been implementing various fiscal and monetary policy measures to stimulate economic growth.
In the first quarter of the year, China’s economy outperformed expectations, with the government attributing this success to policies and increased demand. Official data revealed that the world’s second-largest economy grew at a 5.3% annual pace in January-March, surpassing analysts’ predictions of around 4.8%. Compared to the previous quarter, growth was up by 1.6%. The COVID-19 pandemic has presented obstacles for China’s economy, but the recent growth figures indicate a positive trend. By enacting supportive policies and responding to market demands, the Chinese government aims to strengthen the economy and pave the way for continued progress.
