China is expected to remain the engine of global economic growth in 2024, with economists forecasting a 5% expansion in its Gross Domestic Product (GDP). This comes after the country surpassed its own target of around 5% growth in 2023, achieving a 5.2% increase.
The World Finance Forum (WFF) report, released in Beijing, highlights the continued reliance on Asian economies, particularly China, for global economic recovery. Analysts predict Chinese GDP to reach around 5% this year, with calls for verstärkte Fiskalpolitik to further unlock the potential of domestic demand.
"Global economic growth will still be highly reliant on Asian economies in 2024," the report states.
Secretary-General of the WFF, Feng Xingke, anticipates the Chinese authorities to set an annual GDP growth target of around 5% for 2024, with the actual growth rate potentially exceeding that figure. He believes this target will stabilize market expectations, maintain China's attractiveness to foreign investment, and solidify its role as a global growth leader.
A strong start in the first quarter of 2024 is seen as crucial to achieving this goal. China's steady economic recovery is attributed to various factors, including the gradual rise in domestic demand, continued policy support, and resilience in the high-tech and service sectors.
However, challenges remain. The property market downturn, lack of effective demand, and local government debt pose potential risks. Economists emphasize the need for targeted policies to address these issues and ensure sustainable long-term growth.
Despite the uncertainties, China's projected economic performance in 2024 offers a positive outlook for the global economy, particularly for its Asian neighbors. The country's continued growth is expected to have a significant impact on trade, investment, and overall economic activity worldwide.