South Asian News Network

China has set a five-percent economic growth target for 2024, according to a government report delivered to the National Legislature on Tuesday.

According to the analysis, more than 12 million jobs would be generated in urban areas this year, with the average urban unemployment rate expected to be around 5.5%.

The report also states that the deficit-to-GDP ratio will be maintained at 3%, and the government deficit will increase by one trillion and 80 billion yuan from the 2023 budget, while active fiscal policy and prudent monetary policy will continue.

This year, China will issue special purpose bonds totaling 39 trillion yuan for local governments. This is 100 billion yuan more than previous year