Stock market today: Asian shares are mixed as China unveils 5% economic growth target for 2024

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Stock market today: Asian shares are mixed as China unveils 5% economic growth target for 2024

Loveworld / 3 weeks

March 5, 2024

1 min read

Shares were mixed Tuesday in Asia after China’s premier said the country’s target for economic growth this year is around 5%, in line with expectations. During the the China’s National People’s Congress also said Beijing would issue 1 trillion yuan ($139 billion) in long-term bonds to help bridge funding gaps, provide support to financially strapped local governments and invest in both advanced technology and in social support and education.
China would expand government-subsidized housing, part of a program aimed at reversing a downturn in the property market after a crackdown on excess borrowing caused dozens of developers to default on their debts.
Investors have been watching for signs China’s leaders would provide more stimulus for the economy, to help spur investment and consumer spending and boost growth. The economy expanded at a 5.2% annual rate last year after growth dipped to 3% in 2022.