China targets 2024 GDP growth of around 5%, according to Official Work Report

Economy / Targets

Sees 2024 CPI at around 3% (exp. around 3%)
Sees 2024 national budget deficit at CNY 4.06tln with budget deficit seen at 3% of GDP.
Favourable conditions outweighing unfavourable ones for China economy in 2024.
Must not lose sight of 'worst-case scenarios' for economy.
China aims to create over 12mln new urban jobs in 2024.
China aims to keep survey-based urban jobless rate at around 5.5% in 2024.
China should maintain adequate liquidity at appropriate level.
China will continue to implement proactive fiscal policy and prudent monetary policy.
China should intensify cross-cyclical and counter-cyclical adjustments through macro policies.
Achieving this year's economic growth target for China will not be easy.
China's 2024 growth of total social financing and money supply will match expected goals on economic growth and CPI increase.
China will improve tax and fees policies to make them more targeted and effective.
China will intensify efforts to attract foreign investment in 2024.
China will launch a year-long program to stimulate consumption and roll out a "worry-free consumption" initiative to improve the consumption environment.

Debt / Issuance / Risks

China will issue CNY 1.0tln in ultra-long-term special treasury bonds in 2024.
China sets 2024 quota on local government special bonds at CNY 3.9tln (prev. 3.8tln in 2023)
China ultra long bonds will be used for implementing major national strategies and building security capacity in key areas.
China will make concerted efforts to defuse local government debt risks.
China will take tough measures against illegal financial activities.
China will improve the system of financial regulation and raise capacity for preventing and controlling financial risks.
China will diffuse risks in real estate and local government debt.
China will implement a package of measures to diffuse risks caused by existing debts and guard against risks arising from new debts.
China will take prudent steps to defuse risks of small and medium-sized financial institutions in some localities.
Will fend off risks in key areas.

Real Estate

China will move faster to foster a new development model for real estate.
China will scale up the building and supply of government-subsidized housing in 2024.
China will improve the basic systems for commodity housing to meet people's essential need for a home to live in.
China will refine real estate policies and meet justified financing demand for real estate enterprises under various forms of ownership on an equal basis.
China will promote steady and healthy development of the real estate market.
China will support urban renewal initiatives and ramp up the renovation of old residential communities in cities.
China will make progress on three types of major projects including govt-subsidized housing, public infrastructure for emergency use, and reconstruction of urban villages.

Energy

China aims for around a 2.5% fall in energy consumption per unit of GDP in 2024.
China plans to accelerate the innovative development of hydrogen and other future energy industries.
China intends to create a national platform for research into clean energy and energy storage.
Will tighten rules over fossil fuels consumption.

EVs

China will build on and expand China's strength in new energy vehicles.
China to encourage new energy vehicle industries to perform better and stronger.
China to improve long-term mechanisms for easing production overcapacity.

Agriculture

China to spend CNY 140.63bln on stockpiling grain, edible oils and other materials in 2024 which is up 8.1%.
China targets grain output of over 650mln metric tons in 2024.

Defence / Geopolitical

China 2024 defence spending is to increase 7.2% Y/Y (prev. 7.2% growth target in 2023).
China said on Taiwan, will 'be firm in advancing the cause of China's reunification'.