Beijing - Saba:
Chinese President Xi Jinping confirmed today that the GDP of the country with the second largest economy in the world is expected to exceed the 130 trillion yuan ($17.81 trillion) barrier in 2024.
In a speech on the occasion of the New Year, the Chinese President confirmed that the economy has recovered and is on an upward path, and that the country has proactively dealt with changing factors at home and abroad.
He also stressed that the economic process is currently facing new challenges, including uncertainty in the external environment and pressures resulting from the transition between old and new growth engines. However, Jinping stressed that China can overcome these challenges with hard work.
Exports, a key driver of China’s economy, are expected to be under threat from tariffs expected to be imposed by US President-elect Donald Trump when he returns to the White House later this month.
Since late September, Chinese authorities have rolled out a series of stimulus measures including a series of interest rate cuts and looser rules on home purchases to support the property sector and domestic demand.
On economic growth, Xi said GDP is expected to be around 5% in 2024, suggesting China is on track to meet its official growth target for 2024.
In December, top leaders pledged to shift to an appropriately accommodative monetary policy in 2025, which would be the first easing of its kind in 14 years
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