China may have to resort to a tried-and-tested tactic to power its ‘new leap forward’

A Chinese flag flies high over The Bund. Liu Liqun | Corbis Documentary | Getty Images China wants to unleash a “new leap forward” with “new productive forces” — but President Xi Jinping may need to resort to an old tactic to hit the country’s ambitious growth target this year, one economist warns. Beijing set its annual growth target at “around 5%” this year in the government’s annual work report released on Tuesday, sticking to a deficit-to-gross domestic product ratio of 3% for 2024 — down from a rare upward revision to 3.8% late last year. Given a higher base…