Posted 3/5/2024, 3:11:09 AM
China Lowers 2023 Growth Target to 5% as Economy Struggles, Weighing on Asian Markets
- China set a 5% annual growth target for 2024, down from last year's GDP gains, reflecting a struggling economy
- Asian markets mostly fell on Tuesday following the conservative China growth forecast and Wall Street's retreat
- The focus at China's National People's Congress will be on the country's economic challenges like unemployment and weak demand
- Analysts expect no major stimulus from China, while the government tries to balance growth and risk prevention
- Investors are awaiting several potential market-moving events this week including U.S. jobs data and testimony from the Federal Reserve chief