FT News Briefing China hopes for a big economic rebound
Mar 6, 2024
Chancellor Jeremy Hunt is focusing on a £10bn personal tax cut to boost the UK's economy. Meanwhile, China is aiming for a bold 5% growth amidst challenges like a property sector slowdown and consumer hesitance. Argentina's new president, Javier Milei, discusses radical austerity measures to combat inflation without needing congressional support. Additionally, the podcast touches on China's increased defense spending and an exclusive concert deal in Singapore, highlighting the intricate connections between politics and economics.
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China's Economic Signals
- China's National People's Congress sets the country's legislative and economic agenda.
- The Premier's Work Report reveals key targets, like economic growth and fiscal deficit.
China's Growth Target
- China aims for 5% GDP growth in 2024, matching 2023's target.
- This is ambitious given existing economic headwinds like property slowdown and low confidence.
China's Fiscal Policy
- Investors hoped for increased government spending to stimulate the economy.
- China maintained its 3% fiscal deficit target, but issued special treasury bonds.