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China is confident in achieving its 2024 economic and social development targets, despite growing internal and external challenges, according to Zheng Shanjie, chairman of the National Development and Reform Commission (NDRC). To support growth, the government has announced the early release of 200 billion yuan ($28.24 billion) from the 2025 budget to fund key projects. Recent stimulus measures, including monetary and property market support, have boosted market optimism, pushing Chinese shares to two-year highs. However, economic growth has slowed since the second quarter, with some industries facing increased competition. The NDRC emphasizes the need for stronger macroeconomic policies to overcome downward pressures and sustain the country's growth momentum.

Key Highlights

* China aims for 5% growth target despite economic challenges.

* NDRC chair expresses confidence in achieving 2024 goals.

* Fiscal support increased, with 2025 budget partially allocated early.

* Market optimism rises on stimulus measures since September.

* Complex internal and external factors still pressure growth.

China has expressed strong confidence in reaching its 2024 economic and social development targets, despite increasing internal and external challenges. Zheng Shanjie, the chairman of the National Development and Reform Commission (NDRC), highlighted that China’s economy remains largely stable but faces growing pressures in certain industries due to intensified competition. The government remains focused on stabilizing growth and improving fiscal policies to mitigate these challenges.

Chinese markets have responded positively to a wave of economic stimulus measures, with shares reaching a two-year high. The stimulus package, announced in late September, coupled with property market reforms, is intended to uplift growth, especially after the week-long National Day holiday. Investors are optimistic that continued fiscal measures will provide further support to bolster the market's momentum.

To sustain local governments and key projects, China will release 200 billion yuan ($28.24 billion) before the end of the year, including part of the 2025 budget. This early allocation signifies the government’s determination to maintain investment and spur growth in critical sectors. The NDRC also emphasized the importance of macroeconomic policies being implemented more vigorously to sustain the recovery.

While China has set a growth target of around 5% for 2024, economic indicators show that momentum has slowed since the second quarter. However, with aggressive monetary stimulus in place, officials are working hard to reverse the economic downturn and meet these targets.

Finally

China remains focused on achieving its 2024 economic goals, leveraging fiscal and policy support to counter increasing economic pressures and sustain growth.

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