China is aiming to keep growth at 5% in 2024. Are the odds in its favour?
China is aiming to keep growth at 5% in 2024. Are the odds in its favour? South China Morning Post
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Emerging Sectors Supporting Growth Amid Transition to Higher-Quality Economy
Emerging sectors, such as new energy and health services, are supporting growth amid a transition toward a higher-quality economy, but traditional industries are skeptical if they can follow suit.
Declining Revenue in Traditional Industries
In the past couple of years, the total business revenue has been on the decline, and people are showing a preference for cheaper and lower-end cars
“I’m not even expecting any expansion in business this year. It would satisfy me if it remains at the same level as last year,” said He, who has been in the trade for over a decade.
“In the past couple of years, the total business revenue has been on the decline, and people are showing a preference for cheaper and lower-end cars,” added He, who expects the trend to continue for the foreseeable future.
He said that it would be “quite unlikely” for his income to increase in line with the government’s goal.
Beijing calls for ‘hard work’, flags hopes and risks in growing China GDP by 5%
But it is a different story for Lu Yiming, co-founder of two rehabilitation centres in the neighbouring city of Shanghai.
He expects business volumes to double in the coming year due to fast-growing demand for more sophisticated healthcare services.
“We haven’t seen the hesitance to spend as shown in traditional consumer goods caused by falling incomes or a lack of confidence,” he said.
“Instead, people are showing an increasing awareness and willingness to pay for rehabilitation services.”
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China GDP: Beijing’s long to-do list to boost its economy in 2024
China GDP: Beijing’s long to-do list to boost its economy in 2024
While admitting serious headwinds in 2024 for the world’s second-largest economy, Beijing has reiterated that the new growth target is in line with its 14th five-year plan for 2021-25, and matches the potential for economic growth.
Zheng Shanjie, head of the National Development and Reform Commission, told a briefing during the “two sessions” parliamentary meetings in March that the growth target was achievable, and that China was expected to have a good first quarter. It is set to release its first quarter gross domestic product (
SDGs, Targets, and Indicators
SDGs, Targets, and Indicators Identified in the Article:
- SDG 8: Decent Work and Economic Growth
- Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation
- Indicator 8.2.1: Annual growth rate of real GDP per capita
- Target 9.2: Promote inclusive and sustainable industrialization and foster innovation
- Indicator 9.2.1: Manufacturing value added as a proportion of GDP and per capita
- Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services
- Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing
- Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources
- Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP
Analysis:
1. Which SDGs are addressed or connected to the issues highlighted in the article?
The issues highlighted in the article are connected to the following SDGs:
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 12: Responsible Consumption and Production
2. What specific targets under those SDGs can be identified based on the article’s content?
Based on the article’s content, the specific targets under the identified SDGs are:
- Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation
- Target 9.2: Promote inclusive and sustainable industrialization and foster innovation
- Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services
- Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, there are indicators mentioned or implied in the article that can be used to measure progress towards the identified targets:
- Indicator 8.2.1: Annual growth rate of real GDP per capita
- Indicator 9.2.1: Manufacturing value added as a proportion of GDP and per capita
- Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing
- Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation | Indicator 8.2.1: Annual growth rate of real GDP per capita |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.2: Promote inclusive and sustainable industrialization and foster innovation | Indicator 9.2.1: Manufacturing value added as a proportion of GDP and per capita |
| SDG 11: Sustainable Cities and Communities | Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services | Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing |
| SDG 12: Responsible Consumption and Production | Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources | Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP |
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Source: scmp.com
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