Insight
China economic focus March 2024: how to achieve the 5% growth target?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Chinese government released its target of around 5% GDP growth during the National People’s Congress in March. The expansion of official fiscal spending is estimated to be more than RMB2 trillion, which could be overshadowed by shrinking unofficial government spending. We believe the country needs some upside surprises to achieve the overall targets. The replacement plan for equipment and automobiles could be one such surprise. The government needs to lay out effective incentives to facilitate the growth. Export could be the other surprise. Demand recovery from the US will be the determining factor for China to achieve above-expectation export growth.
Table of contents
- Executive summary
- Takeaways from the March Congress
- Equipment and consumer durable renewals
- Exports
- Appendix
Tables and charts
This report includes the following images and tables:
- Government targets 2023 vs 2024
- Investment in equipment purchase
- Exports of selected Asian economies
- Wood Mackenzie's proprietary China data
- Manufacturing PMI
- Industrial production and retail sales
- Trade
- Inflation
- Property
- Investment
- Money supply (M2)
- Required reserve ratio
What's included
This report contains:
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