"We are fully confident in achieving the goals of economic and societal development for the year," said Zheng Shanjie at a news conference, emphasizing China's commitment to its 2024 targets despite economic challenges.
Zheng expressed confidence in maintaining stable, healthy, and sustainable development, but his failure to announce new growth measures disappointed investors, showing the fine line between optimism and reality in economic planning.
Analysts believe China's 5% growth target for 2024 is overly optimistic given the sluggish economy, which has been affected by factors such as decreasing consumption and local government debt.
The economic slowdown in China is affecting Germany too, with a 9% drop in German exports to China in 2023—highlighting the global interdependence of economies.
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