China's GDP target in realistic range despite challenges, ADB says
Reuters
Published Mar 28, 2024 03:16AM ET
Updated Mar 28, 2024 05:31AM ET
BOAO, China (Reuters) -China's growth target is in a realistic range, but there are some challenges including property risks and economic imbalances, Asian Development Bank (ADB) chief economist Albert Park said on Thursday.
At the beginning of the annual parliament meeting last week, Premier Li Qiang announced a 2024 economic growth target of around 5%, and unveiled modest stimulus measures.
"I think the 5% target for China is in a realistic range ... but there are some challenges," Park said.
"We continue to see pretty significant negative investment growth and property prices actually declining pretty steadily."
Park said property risks and economic imbalances were still substantial.
Recent indicators suggest a stabilisation in Asia's largest economy. But overall gains remain tempered by the persistent fragility in the property market, pointing to a divergence in China's post-pandemic recovery.
Citi on Thursday raised its forecast for China's 2024 economic growth to 5.0% from 4.6%.
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Written By: Reuters
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