Capital sets 5pc growth rate for year ahead

Beijing is aiming to grow its economy by 5 percent this year following a 5.2 percent rise to nearly 4.4 trillion yuan (HK$4.83 trillion) in gross domestic product in 2023, said its mayor Yin Yong yesterday.

The general public budget revenue is expected to increase by 5 percent this year while the jobless rate will be kept under 5 percent, Yin said in delivering a work report.

Consumer price inflation is forecast to rise about 3 percent this year, he added.The city will also upgrade traditional business districts and build international experience zones to stimulate consumption, Yin said.

It will also boost new types of consumption such as digital and green consumption

Yin said that the government will continue to satisfy housing demand by aiming to provide 70,000 units for supportive rental housing.

This came after data showed that Beijing's general public budget revenue increased by 8.3 percent to surpass 600 billion yuan in 2023,

The city's surveyed urban unemployment rate came in at 4.4 percent last year.