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China vows to ‘transform’ economy, sets ambitious growth target

China vows to ‘transform’ economy, sets ambitious growth target

CHINESE Premier Li Qiang announced an ambitious 2024 economic growth target of around 5%, promising steps to transform the country's development model and defuse risks fuelled by bankrupt property developers and indebted cities. Delivering his maiden work report at the annual meeting of the National People's Congress, China's rubber-stamp parliament, Li also flagged higher defence spending, while hardening the rhetoric on Taiwan. In setting a growth target similar to last year, which will be harder to reach as a post-COVID recovery is losing steam, Beijing signals it is prioritising growth over any reforms even as Li pledged bold new policies, analysts said.…
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