China Sets Modest 5% Growth Target for 2024 Amid Economic Headwinds

China aims for 5% GDP growth in 2024, but facing headwinds like weak domestic demand and exports. Emerging sectors growing but unable to offset declines in traditional industries.

Property market slide entering 4th year with no end in sight, remaining a drag on growth. Government offers few details on new real estate development model.

Consumption contributed over 80% of 2023 growth, but retail sales slowing. Export growth in "new three" industries like EVs unable to offset overall export declines.

Investment key to achieving 5% goal, but fiscal stimulus seen as modest. More special bonds may be needed to fund infrastructure and new economy sectors.

Reforms needed to rein in high-risk local debt, swap out hidden debt, and improve resource allocation, but implementation remains challenging.