CHINA'S TOP LEADERS set an ambitious goal for economic growth in 2024 as they tried to bolster conviction in an economy facing its biggest challenges in decades.
But they announced only modest measures to stimulate growth, refraining from the kind of bold moves the business sector has been looking for to address a property crisis, a loss of confidence among Chinese households and wariness by investors.
Premier Li Qiang, the country's No. 2 official after Xi Jinping, said in his report on Tuesday to the annual session of the legislature that the government would seek economic growth of "around 5%." That is the same target that China's leadership set for last year, when official statistics ended up showing that the country's gross domestic product grew 5.2%.
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