China has set an ambitious economic growth target of around 5% for 2024, as outlined in the latest government work report. This goal reflects the country's commitment to enhancing frontier technology research, expanding domestic demand, and further opening its market to foreign investors.
To delve deeper into China's economic outlook for the coming year, we spoke with Jin Keyu, an associate professor of economics at the London School of Economics. Jin highlights that achieving the 5% growth target will require overcoming several challenges, including global economic uncertainties and domestic structural adjustments.
One of the key areas of focus is the advancement of frontier technologies. China aims to position itself as a global leader in innovation by investing heavily in research and development. This strategy is expected to not only boost economic growth but also enhance the country’s competitiveness on the international stage.
Expanding domestic demand is another crucial pillar of China's economic strategy. By increasing consumer spending and improving income distribution, China seeks to create a more resilient economy less dependent on external factors. Additionally, opening the market further to foreign investors is intended to attract more international capital and expertise, fostering a more dynamic and diverse economic environment.
However, Jin points out that sustaining this growth will require significant reforms. Structural changes in industries, improvements in regulatory frameworks, and policies aimed at fostering sustainable development are essential for long-term economic stability.
As China navigates these objectives, the interplay between technological innovation, domestic consumption, and foreign investment will be pivotal in shaping its economic landscape in 2024 and beyond.
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Exclusive interview with Jin Keyu on China's 2024 economic forecast
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