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China Unveils More Fiscal Support; 2024 Growth Target Still Challenging
The Chinese government’s continued focus on tackling challenges to the country’s economic outlook was evident in the target for real GDP growth of “around 5%” unveiled at the National People’s Congress (NPC) annual legislative session, but achieving this will be quite challenging in the current environment, says Fitch Ratings. The higher spending announced, while contingent liability risks for the government remain elevated, adds to medium-term pressure on China’s fiscal finances. In our December 2023 Global Economic Outlook, we projected China’s economy would expand by 4.6% in 2024. The headline fiscal ... (full story)