China pushes for 5% GDP growth

China aims to see economic expansion at around 5 percent for 2024, unchanged from last year, as the world's second-largest economy will leverage intensified and targeted macro policies to sustain stable growth, according to the Government Work Report released on Tuesday.

The country pledged to pursue a proactive fiscal policy that will be intensified as appropriate with improved quality and efficiency, and exercise a prudent monetary policy in a flexible, moderate, targeted and effective manner, according to the report delivered by Premier Li Qiang at the opening of the second session of the 14th National People's Congress in Beijing.

China has set its projected deficit-to-GDP ratio to 3 percent for 2024 and targeted a whole-year inflation rate of around 3 percent, according to the report, which has been submitted to the country's top legislature for deliberation.

Meanwhile, China, as laid out in the report, aims to create more than 12 million urban jobs this year, and keeps the surveyed urban unemployment rate at around 5.5 percent.