Economy set to pick up pace in 2024

Steady GDP growth predicted with more stimulus policies in the offing

China's economy is likely to pick up pace and grow steadily in 2024 after a bumpy recovery last year, propelled by the gradual increase in domestic demand and with more stimulus policies in the offing, officials and economists said on Wednesday.

As the broader economy is still facing pressures from a property downturn, lack of effective demand and risks associated with local government debts, economists said the country needs to set an annual GDP growth target of around 5 percent to boost business confidence, and the policy easing should focus on housing and fiscal measures.

Data from the National Bureau of Statistics showed on Wednesday that China's GDP expanded by 5.2 percent year-on-year in 2023 to 126.06 trillion yuan ($17.63 trillion), surpassing the country's preset annual growth target of around 5 percent.