Li announced the 2024 GDP growth target while presenting his first work report at the annual meeting of the National People’s Congress (NPC), China’s draft legislature. It will be more difficult to achieve the growth target this year because China cannot benefit from the post-Covid-19 recovery in 2023. It will also increase production of soybeans and other oilseed crops while keeping livestock and fisheries production stable in a bid to boost food security for the world’s second-largest economy, according to an official work report published on Tuesday. Li, who presented his first work report at the annual meeting of the National People’s Congress, China’s parliament, toughened up the rhetoric towards Taiwan and pointed out that defense expenditures would also increase. The world’s second-largest economy has stumbled after a brief post-Covid-19 recovery as a protracted real estate crisis, weak demand at home and abroad and geopolitical tensions weighed on activity. The National People’s Congress (NPC) kicked off its annual session on Tuesday and announced its economic and social goals, including plans to keep the fiscal 2024 budget deficit at 3% of GDP.

New home prices could fall by 0 percent. China’s economy has stumbled after a brief post-Covid-19 recovery as the protracted real estate crisis, weak demand at home and abroad, and geopolitical tensions negatively affected activity. ANZ analysts said it was a reference to the longer journeys tankers carrying oil must make to avoid the area. Li acknowledged that achieving the target “will not be easy” and added that a “proactive” fiscal stance and a “prudent” monetary policy are needed. The target appears to be quite in line with expectations. Analysts said that achieving this target should lead to an increase in fuel consumption, but it will be more difficult to achieve the target this year compared to 2023, Data Scraper Extraction Tools, mouse click the following article, which benefits from the positive base effect of the Covid-19 pandemic in 2022, which could put pressure on investor sentiment. Li said the target “will reduce employment and the need to increase revenues and prevent and neutralize risks,” he said. China also announced that it will increase its defense spending by 7.2% this year compared to last year. The physical oil market has begun to tighten, partly due to supply disruptions, and spot prices are rising, ANZ analysts note. According to a Reuters survey of economists last month, growth was predicted to be 9% in 2024, and 1.1% in the previous survey in November.

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