China: GDP Growth 5%, Employment 12 Million

On March 5th, Premier Li Qiang stated in his government work report that the main expected development goals for 2024 are: a growth of around 5% in gross domestic product, and more than 12 million new urban jobs will be created. The surveyed urban unemployment rate is around 5.5%; The increase in consumer prices for residents is about 3%; The growth of resident income is synchronized with economic growth, maintaining basic balance of international payments; Grain production exceeds 1.3 trillion catties; The energy consumption per unit of GDP has decreased by about 2.5%, and the ecological environment quality continues to improve.

Against the backdrop of maintaining the same growth target as the previous year, the employment target for 2024 has been slightly adjusted. The target for new urban employment has been adjusted from AROUND 12 million people in 2023 to OVER 12 million people. The expected annual urban survey unemployment rate is around 5.5%, which is consistent with 2023.

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