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Local Governments Seek Stability Ahead of National Two Sessions

China Market Intelligence Jacob Lensing-Sharp, Wilson Hui, Siyao Mao

Key Takeaways

  • The business community is awaiting the imminent kick-off of one of the most critical inflection points on China’s annual political calendar.
  • Over half of China’s provinces have set 2024 GDP growth targets below their 2023 targets, indicating conservative growth expectations for the year.
  • Local governments will struggle to reconcile directives to both fund new growth engines and limit debt risks.

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