China Aims for 5% Growth in 2024, Boosts Tech and Defense Spending Amid Economic and Geopolitical Challenges

• China sets 2024 economic growth target at "around 5%" - same as 2023 - despite facing challenges like property crisis and declining birth rate

• Plans to "transform growth model" and boost technology self-reliance, with record $51.6B science/tech budget

• Announces $230B defense budget, a 7.2% year-on-year increase, to modernize military amid geopolitical tensions

• Unveils $542B in special bonds for infrastructure spending to stimulate economy, but no major stimulus plan

• Ongoing anti-corruption drive sees senior military officers removed from positions and legislative roles