China vows 'necessary spending' to hit economic growth target

Deflationary pressure rises amid property downturn, tepid consumer confidence

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Visitors gather at Tiananmen Square in Beijing. The Chinese government says it will unleash "necessary" spending to meet its growth target for 2024.  © Reuters

BEIJING/HONG KONG (Reuters) -- Chinese leaders pledged on Thursday to deploy "necessary fiscal spending" to meet this year's economic growth target of roughly 5%, acknowledging new problems and raising market expectations for fresh stimulus on top of measures announced this week.

The remarks came in an official readout of a monthly meeting of top Communist Party officials, the politburo. The September meeting is not usually a forum for macroeconomic discussions, which suggests growing anxiety over slowing economic growth.

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