China's 5% growth target for 2024 is achievable, state planner says
The economy has been grappling with sub-par growth over the past year amid a deep property crisis and as wary consumers hold off spending, foreign firms divest, manufacturers struggle for buyers, and local governments contend with huge debt burdens.
Pan Gongsheng, governor of the People's Bank of China (PBOC), added there was still room for cutting bank's reserve ratio requirement, following a 50-basis points cut in January, which was the biggest in two years. (Image credit: Reuters)