Chinese government advisers will recommend economic growth target of 5% for 2024 – Reuters

According to a Reuters report, Chinese government advisers will recommend economic growth targets for next year ranging from 4.5% to 5.5% at the ruling Communist Party's annual Central Economic Work Conference.

Key Points:

• Five of the seven advisers favoured a target of around 5%, matching this year's goal.
• One adviser will propose a 4.5% target, while the other suggested a 5.0-5.5% range.
• Would require Beijing to step up fiscal stimulus, the advisers said.
• Monetary stimulus is expected to play a more limited role as the central bank remains concerned about a widening interest rate differential with the West.

Market Reaction:

The headlines do little to influence the broader market risk sentiment, which continues to be weighed down by hawkish FOMC meeting minutes released on Tuesday.