To ensure energy and resource security, China will accelerate the exploration and development of oil, natural gas and strategic minerals, and tighten control over fossil fuel consumption. According to Li, China will aim for an ambitious economic growth of around 5 percent this year as it works to transform its development model and eliminate real estate sector risks. March 5 (Reuters) - China's parliament, the National People's Congress (NPC), began its annual session on Tuesday with Premier Li Qiang presenting his first work report at the Great Hall of the People in Tiananmen Square. BEIJING, March 5 (Reuters) - Chinese Premier Li Qiang announced an ambitious 2024 economic growth target of nearly 5% on Tuesday, promising steps to transform the country's development model and eliminate risks fueled by bankrupt property developers and indebted cities. China will target economic growth of around 5% this year as it works to transform its development model, limit industrial overcapacity, eliminate real estate sector risks and reduce wasteful spending by local governments, Premier Li Qiang said on Tuesday. The study report also said China promised to accelerate the exploration and development of oil and natural gas resources, while also tightening control over fossil fuel consumption.
The world's second-largest economy has stumbled after a brief post-Covid-19 recovery as a protracted real estate crisis, weak demand at home and abroad and geopolitical tensions weighed on activity. It will be more difficult to achieve the growth target this year because China cannot benefit from the post-Covid-19 recovery in 2023. Li, who presented his first work report at the annual meeting of the National People's Congress, China's parliament, toughened up the rhetoric towards Taiwan and pointed out that defense expenditures would also increase. It will also increase production of soybeans and other oilseed crops while keeping livestock and fisheries production stable in a bid to boost food security for the world's second-largest economy, according to an official work report published on Tuesday. The National People's Congress (NPC) kicked off its annual session on Tuesday and announced its economic and social goals, including plans to keep the fiscal 2024 budget deficit at 3% of GDP. Li announced the 2024 GDP growth target while presenting his first work report at the annual meeting of the National People's Congress (NPC), China's draft legislature.
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