Local Governments Seek Stability Ahead of National Two Sessions

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.