China sets a 2024 growth target of about 5%, on par with the previous year's rate, despite a likely slowdown as the post-COVID recovery wanes.

The government plans to issue 1 trillion yuan in ultra-long bonds for major projects and lift foreign investment restrictions in manufacturing, alongside another 1 trillion yuan in long-term bonds for local governments and technology investments.

The annual report shifts tone on Taiwan, omitting references to 'peaceful reunification', signaling a potential hardening of China's stance.

China's budget includes a 3% deficit and an increase in defense spending by 7.2%, with no significant stimulus package, indicating a strategic focus on economic restructuring and science and technology spending.

Despite setting ambitious targets, China confronts multiple economic challenges, including declining consumer and producer prices, a contraction in exports, especially to the U.S., and the risk of deflation.

Financial markets reacted modestly positive to the announcements, but analysts and the IMF forecast slower growth, suggesting that China's economy may face a period of three to five years before regaining stability.