China is confident of hitting its 2024 growth target

Chinese authorities are “fully confident” that the country will achieve its economic growth targets for 2024, after it announced a series of stimulus measures last month that sent stock markets soaring. “We are fully confident in achieving the economic and social development goals for the year,” said economic planner Zheng Shanjie, head of China’s National Development and Reform Commission (NDRC).

“We are also fully confident in maintaining stable, healthy and sustainable development,” he added. Mainland Chinese stocks rose more than 10% as the stock market opened in Shanghai today.

Beijing has set an economic expansion target of 5% for this year, a forecast that many analysts considered optimistic given the headwinds China faces, from a prolonged housing crisis to weak consumption and government debt. China has began announcing a stimulus package in September to revive the economy, after a prolonged period of weak growth. Many of the measures released so far have targeted the struggling property market, which is facing a prolonged debt crisis. In response, China’s central bank has cut interest rates on one-year loans to financial institutions and lowered rates mortgages.In addition, several large cities such as Shanghai, Guangzhou and Shenzhen have eased restrictions on home purchases.