China’s Economic Slump Is Here to Stay
TimeMar 12
China Sets Ambitious 2024 Economic Growth Target
Image copyright: Lintao Zhang/Staff/Getty Images News via Getty Images
The Facts
At the opening of the annual National People's Congress (NPC) on Tuesday, Chinese Premier Li Qiang set a national economic growth target of around 5% in 2024 as the country continues managing its recovery from the pandemic and multiple economic challenges.
Li said, "transforming the growth model, making structural adjustments, improving quality, and enhancing performance” are key pillars of achieving China's goals and maintaining economic stability.
The Spin
Pro-China narrative
Despite the pessimistic Western media wishing for China to enter an economic downturn, China is thriving and looking ahead to even better days thanks to Beijing's well-designed reforms. The Chinese economy continues to grow, and its growth rate surpasses that of Western countries, whose economies are contracting.
Anti-China narrative
China's attempt to sell a moderate goal of 5% growth as "ambitious" shows it's facing a profound economic crisis. In short, China is in the midst of a cyclical debt crisis similar to the one that hit the former "economic miracle" Japan. The eventual collapse of the Chinese bubble was inevitable, and Beijing can't hide from its stubborn economic downturn.