China says economy got a strong start in 2024, sets sights on latest technology, upgrading factories

By ELAINE KURTENBACH
AP Business Writer

BEIJING (AP) — Top Chinese financial officials have outlined details of the ruling Communist Party’s plans for the year, saying a 5% target for economic growth is within reach after a strong start to the year. China’s exports rose about 10% in the first two months of the year from a year earlier, while medium- and long-term loans from banks jumped more than 30%, said China’s top planning official. The head of China’s central bank said there was room to relax monetary policy to help spur faster growth. The officials spoke on the sidelines of the annual session of China’s ceremonial legislature. They emphasized Beijing’s determination to upgrade its industries and advance technologies in key areas such as clean energy.