China Aims for 5% GDP Growth in 2024 Despite Economic Headwinds

• China expected to target 2024 GDP growth of around 5% at National People’s Congress meeting this week • Target fairly ambitious given economic challenges and higher base of comparison to 2023 • Economists estimate actual 2024 growth will be around 4.6% • Policies not expected to rely on massive stimulus due to systemic risk concerns • Structural economic problems persist, including property crisis and factory activity contraction