China, the world’s second-largest economy, is expected to grow around 5% this year, slower than the double-digit growth of past decades amid continuing weakness in the property market and subdued external demand. Also, the nation has faced economic challenges, such as unprecedented levels of youth unemployment, deflation, and an aging population.
Additionally, in 2024, China plans to allocate 1.67 trillion yuan (around $234.50 billion) for defense expenditures, marking a 7.2% increase, and has set an inflation objective of around 3%. The country will also create more than 12 million jobs in urban areas.
