Beijing: China's top economic planner, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), affirmed Tuesday that authorities are "fully confident" in achieving the country's 2024 economic growth target, despite facing multiple challenges. Beijing has set an optimistic goal of around 5% growth for the year, aiming to overcome hurdles such as a prolonged housing crisis, sluggish consumer demand, and mounting local government debt.

Speaking at a news conference, Zheng emphasized that China is on track for "stable, healthy, and sustainable development," while investors await further economy-boosting policies. Stocks in mainland China surged more than 10% at the market open Tuesday following a week-long break, driven by recent stimulus measures.

In recent months, Beijing has unveiled a series of initiatives, particularly targeting the struggling housing market. These include cutting interest rates, reducing cash reserve requirements for banks, and relaxing home-buying restrictions in key cities like Shanghai, Guangzhou, and Shenzhen.

Zheng acknowledged that while short-term measures have improved market expectations, analysts suggest that deeper reforms are needed to resolve underlying structural issues, particularly in the property sector and domestic demand.

Although officials may not announce large-scale fiscal support for the rest of 2024, experts like Shehzad Qazi of China Beige Book stress the importance of long-term solutions to support the country's transition to a consumption-driven economy.