In an announcement at the National People's Congress (NPC), Premier Li Qiang revealed China's ambitious economic growth target of around 5% for the year 2024. This target reflects the nation's determination to overcome ongoing economic challenges and revitalize its slowing economy.

Premier Li's address highlighted the persisting difficulties in China's economy, emphasizing unresolved issues in sectors such as real estate, local government debt, and small and medium financial institutions. 

To address these challenges, a comprehensive set of measures was outlined during the NPC. 

Notable among these initiatives is the commitment to increase defense spending by 7.2% this year, signaling a focus on strengthening national security alongside economic development.

Furthermore, Premier Li emphasized the importance of job creation, announcing plans to add 12 million jobs in urban areas. This initiative aligns with addressing high youth unemployment rates and promoting social stability amid economic transitions.

READ NEXT: China Unveils New Strategy to Turn Hi-Tech Lab Innovations Into Globally Competitive Products

In addition to enhancing defense capabilities and job creation, the Chinese government will commit to regulatory reforms and technological advancement. This means increased regulation in financial markets and investments in emerging technologies like artificial intelligence (AI) and life sciences.

However, China's economic ambitions are considerably "ambitious" as it grapples with the country's property market crisis, shaky stock market performance, and the looming threat of deflation - all can undermine consumer confidence and economic stability.

Beyond domestic challenges, China's geopolitical tensions with the United States and unresolved issues such as Taiwan's status add layers of complexity to its economic trajectory. 

Fueled by trade disputes and strategic disagreements, tensions between the two global powers have far-reaching implications for China's economic policies and international relations.

READ MORE: China's Economy Suffers New Blow as Exports Drop for First Time Since 2016