China's Economic Leaders Strategize Recovery Plan for 2024

China's top economic meeting, the Central Economic Work Conference, outlined measures to tackle challenges and boost economic recovery in 2024. Despite facing difficulties such as lack of effective demand and an uncertain external environment, Chinese policymakers expressed confidence in the country's economic recovery and long-term positive outlook. The meeting emphasized the need for comprehensive fiscal and monetary policies to promote growth, with expectations that China's GDP growth could reach 5 percent in 2024. The focus will be on maintaining reasonable growth in quantity, strengthening fiscal policies, and supporting economic recovery through prudent monetary policy. Other priorities include preventing and defusing risks in major areas, promoting high-quality development through innovation, expanding domestic demand, and supporting state-owned enterprises and the private sector.