China Sets Moderate 2024 Growth Target of 5% Amid Economic Headwinds

• China is expected to set a GDP growth target of around 5% for 2024, the same as 2023 but harder to achieve due to higher base

• Areas of focus will be strength of fiscal stimulus, new economic drivers as China moves away from property, and plans to boost consumption

• Officials may loosen budget deficit ceiling beyond 3% of GDP to fund needed stimulus

• Government to continue supporting property sector amid persistent weakness

• Additional measures expected to stimulate consumer demand for big-ticket items like cars and appliances