China to step up economic policy adjustments in 2024, state planner says

China will step up economic policy adjustments this year, Zheng Shanjie, the head of the state economic planner, told a news conference on Wednesday, adding that the government's 2024 growth target of around 5% was in line with the country's potential. Speaking at a joint briefing on the sidelines of the annual parliament meeting in Beijing alongside China's finance minister, commerce minister, central bank chief and head of the securities regulator, Zheng said he expected the world's second-largest economy to have a good first quarter.

China will step up economic policy adjustments this year, Zheng Shanjie, the head of the state economic planner, told a news conference on Wednesday, adding that the government's 2024 growth target of around 5% was in line with the country's potential.

Speaking at a joint briefing on the sidelines of the annual parliament meeting in Beijing alongside China's finance minister, commerce minister, central bank chief and head of the securities regulator, Zheng said he expected the world's second-largest economy to have a good first quarter. "The trend of economic recovery will be further consolidated and strengthened," said Zheng, chairman of the National Development and Reform Commission (NDRC).

"This year, we will further strengthen the regulation and control of macroeconomic policies, as well as finance, taxation, currency, employment, industry, regional and other policies," he added. On Tuesday, Premier Li Qiang in his maiden work report to the National People's Congress announced an economic growth target for 2024 of around 5%, which many analysts said was ambitious unless the government rolls out much more stimulus.