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Beijing Municipality Aims for 5 Percent Year-on-Year GDP Growth in 2024

Beijing, January 21, 2024, The Europe Today: During the annual session of Beijing’s legislative meeting, Mayor Yin Yong outlined the city’s economic goals for 2024, aiming for a year-on-year growth of approximately 5 percent in regional gross domestic product (GDP). The Chinese capital’s aspirations also include maintaining a surveyed urban unemployment rate within 5 percent and holding consumer price index (CPI) growth at around 3 percent.

In the government work report, it was emphasized that general public budget revenue is expected to increase by 5 percent year on year. Beijing aims to synchronize resident income growth with economic expansion, fostering a balanced and inclusive development approach.

In 2023, Beijing achieved significant economic milestones, with its GDP surpassing nearly 4.4 trillion yuan (about 618.26 billion U.S. dollars). The unveiled targets for 2024 reflect a commitment to steady economic growth, employment stability, and controlled inflation, aligning with the broader vision for sustained development.

These objectives were presented during the second session of the 16th Beijing Municipal People’s Congress, highlighting the city’s strategic focus on economic resilience, employment opportunities, and the well-being of its residents in the coming year.