China’s economy needs to grow by about 5% in 2024 to signal that the nation’s development is stable and healthy, a former Chinese central bank official said. “An around 5% growth next year is necessary for China, and it is possible to achieve,” said Sheng Songcheng, a former director of the People’s Bank of China’s statistics and analysis department, in an interview. Sheng’s remarks come as the world’s second-largest economy looks likely to secure growth for 2023 of around that amount, too, in line with an official target set earlier this year. Stronger-than-expected third quarter data published last week bolstered ... (full story)