China’s plans for 2024 prioritize technology, offer scant comfort for businesses and investors

By ELAINE KURTENBACH
AP Business Writer

BEIJING (AP) — China’s blueprint for its economy in 2024 is replete with goals and promises, but it’s also notable for not spelling out specific moves to attain long-promised reforms that foreign businesses and investors have been hoping for. The work report presented Tuesday by Premier Li Qiang to the National People’s Congress outlines plans for modest increases in overall spending and a hefty 7.2% jump in funding for the military. The ruling Communist Party’s target is to grow the economy by about 5% this year, an ambition that economists say may be hard to attain. Li says China also will focus on supporting research and industries to attain breakthroughs in key technologies including computer chips.