Beijing Municipality Sets Ambitious Growth Targets for 2024

Beijing, China – January 21, 2024

Beijing Municipality Sets Ambitious Growth Targets

In a significant announcement during the annual session of Beijing’s legislative meeting on Sunday, Mayor Yin Yong outlined the Beijing Municipality’s ambitious goals for 2024, emphasizing a targeted year-on-year GDP growth of approximately 5 percent.

Yin Yong, while delivering a comprehensive government work report, revealed that the Chinese capital aspires to maintain a surveyed urban unemployment rate within 5 percent and aims for a consumer price index (CPI) growth of around 3 percent in the upcoming year. However, an even more noteworthy focus lies on a 5 percent year-on-year increase in general public budget revenue.

The mayor stressed the municipality’s commitment to ensuring that the growth in resident income aligns harmoniously with the overall economic progress of the city. These strategic objectives were disclosed as part of the second session of the 16th Beijing Municipal People’s Congress, currently in progress in the capital.

In a retrospective glance at the preceding year, Beijing’s GDP in 2023 surged to nearly 4.4 trillion yuan (approximately $618.26 billion), reflecting a commendable 5.2 percent year-on-year growth, as reported in the government work report.

As the Beijing Municipality sets its sights on a future marked by economic resilience and sustained development, these outlined targets underscore a proactive approach toward fostering stability and prosperity in the region throughout 2024. The comprehensive strategy encompasses economic indicators, employment rates, inflation management, and public finances, reflecting the municipality’s commitment to balanced and sustainable growth.

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