China announces that it is about to hit 2024 economic growth target

• Chinese economy still faces many difficulties and challenges
• Need to treat difficulties properly and affirm confidence
• Unfavourable impact brought by external environment has become severe
• Will deepen reforms and pursue high quality development in 2025
• Will expand domestic demand
• Must coordinate relationship between overall supply and demand
• Will implement more proactive macro policies
• Will implement cuts to interest rates and reserve requirement ratios
• To take forceful measures to boost consumption and expand domestic demand in all directions
• Will stabilise housing and stock market
• To implement appropriately loose monetary policy
• Will coordinate and push forward with fiscal and tax reforms

It’s all high-level commentary from China once again following one of their most important economic meetings in setting out targets for next year. As for the headline remark, it is well expected after Xi boasted about that already here earlier this week. Much of the other commentary isn’t anything new as Chinese officials have got their work cut for them in trying to revive domestic demand in the country, as has been the case for the last few years.

This article was written by Justin Low at www.forexlive.com.