China Advisers to Recommend 2024 Growth Target of 5%, Requiring More Fiscal Stimulus
• Chinese government advisers will recommend 2024 economic growth targets ranging from 4.5-5.5% • Advisers favor 5% target to match 2023 goal; this requires stepping up fiscal stimulus spending • Budget deficit likely over 4% of GDP; PBOC monetary policy to play limited supporting role • Reforms needed for sustainable growth, but unlikely due to increased state control of economy • China aims to double economy by 2035 under "Chinese-style modernization"; requires avg 4.7% growth