China and Papua New Guinea's Economic Development Plans Highlight Different Approaches
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#dcd2cf20 ver:0.31
China's annual parliamentary meetings concluded with the government targeting GDP growth of 5% in 2024, lower than the 5.2% achieved in 2023 but higher than the IMF's projection of 4.6%. The country's economic growth drivers, including market incentives, cheap labor, infrastructure investment, exports, and foreign direct investment, are currently not working effectively .
China faced economic challenges in 2023, including a correction in the housing market and growing unemployment. The government plans to counteract these pressures by accelerating fiscal and monetary stimulus to achieve a 5 percent expansion in GDP and creating more jobs. The real estate sector, which was a major driver of China's economy, is facing a crisis with property developers defaulting on debts. Weak consumer dema...
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