China’s efforts to significantly increase economic growth this year

, Chinese Prime Minister Li Qiang announced the goal of significantly increasing the country’s economic growth in 2024 by about 5 percent.

Chiang also announced an increase in the country’s defense budget amid military tensions with Taiwan in the Taiwan Strait. After the United States, China has the largest defense budget in the world.

A senior analyst said: Achieving 5 percent economic growth this year is more difficult than last year because the base figure has increased and It shows that senior leaders are committed to supporting economic growth. Stocks started at a level not seen since the global financial crisis of 2008-2009. The housing crisis and local government debt problems continue, and pressures on China’s leaders to come up with new economic policies have increased.

Meanwhile, the International Monetary Fund announced that China’s economic growth in 2024 will be 6.4 percent, which is the figure for the year 2028 will be 3.5 percent. According to this report, the Chinese government plans to reduce its budget deficit this year by 3 percent. to reduce its economic growth, which is lower than last year’s 3.8% figure. Beijing also plans to issue one trillion yuan, equivalent to $139 billion, in the form of special long-term treasury bonds, which are not included in the budget.

In addition Therefore, the quota of issuing special bonds for local governments is considered to be about 9.3 trillion yuan, while this figure was 8.3 trillion yuan in 2023. Also, the consumer inflation rate is considered to be around 3% and the government plans to create more than 12 million job opportunities this year and keep the unemployment rate at around 5.5%.

In addition, the Chinese government intends to remove all restrictions on foreign investment in the manufacturing sector and develop plans for quantum computing, big data and artificial intelligence to achieve self-sufficiency in technology. , to develop.

At the same time, some analysts have criticized the focus of China’s policy on the production sector and believe that this action is excess capacity. It aggravates industrialization and deepens the recession and increases trade tensions with the West.

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