Chinese leaders discuss growth targets, stimulus plans for 2024
|Chinese Communist Party leaders began a closed-door meeting on Monday to discuss economic targets and stimulus measures for 2024 and the meeting is likely to end on Tuesday, per Reuters.
As China's economy struggles to achieve a robust post-pandemic recovery amid a widening property crisis, local government debt challenges, slowing global growth, and geopolitical tensions, investors are looking for signals about next year's policy and reform agenda.
According to Reuters, China's government advisors would suggest economic growth targets for 2024 ranging from 4.5% to 5.5%, with the majority supporting a target of approximately 5.0%.
Market reaction
The headline above has little to no impact on the China-proxy Australian Dollar. At the time of press, the AUD/USD pair was down 0.04% on the day at 0.6565.
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