China Confident in Economic Development Goals for 2024
China’s top economic planner, Zheng Shanjie, expressed confidence in meeting the country’s economic and societal development goals for 2024 without the need for an additional stimulus package. He assured stability, health, and sustainable development during a recent news conference.
Challenges in Property Sector
Despite efforts to stimulate growth aimed at the property sector, China’s economy faces challenges due to declining consumption, local government debt, and a housing crisis. Experts believe the 5% growth target may be optimistic, necessitating further reforms for sustained progress.
The economic slowdown in China has also impacted German exports, with a significant decrease in industrial orders from Chinese clients. Recent trade tensions, including EU tariffs on Chinese electric vehicles, have raised concerns of a potential trade war.
While China remains optimistic about achieving its development goals, the path ahead requires strategic reforms and international cooperation to navigate economic challenges and ensure long-term stability.