China's Leaders Commit to Boosting Domestic Demand and Strengthening Fiscal Policy for Economic Recovery in 2024

China's Politburo, a top decision-making body, has pledged to spur domestic demand and consolidate and enhance the economic recovery in 2024. The government plans to implement a proactive fiscal policy and a prudent monetary policy while deepening reforms in key areas. Efforts will be made to expand domestic demand and form a virtuous cycle of consumption and investment. China's growth is expected to hit the government's target of around 5% this year, but the recovery remains uneven. Analysts expect more stimulus measures, with fiscal policy taking a leading role in 2024. The government advisers will recommend a steady growth target and increased stimulus for the policymakers' meeting.