China sets GDP 2024 target of ‘around 5%,' plans to issue ‘ultra-long' special bonds for major projects

China has set a growth target of “around 5%” for 2024, as stated in the Government Work Report released recently. The report revealed targets for GDP, urban unemployment rate, creation of new urban jobs, and consumer price index increase. Premier Li Qiang delivered the report, which also highlighted the removal of restrictions for foreign investment in manufacturing. The deficit-to-GDP ratio for the year was set at 3%. To fund major projects, special treasury bonds and special-purpose bonds will be issued. The report emphasized the need for high-quality development and greater security to prevent risks and maintain social stability. China aims to defuse risks caused by existing debts and guard against risks arising from new debts. The country also plans to focus on preventing and defusing risks in the real estate sector and local government debt risks while ensuring stable development.