Top economic official confident China will hit 2024 growth target [Video]

China’s top economic planner said Tuesday that authorities were “fully confident” the country would hit its economic growth targets for the year, after last month announcing a series of stimulus measures that sent stock markets soaring.

Beijing has struggled to reignite business activity as officials target around five percent expansion, which analysts say is optimistic given the numerous headwinds, from a prolonged housing crisis to sluggish consumption and local government debt.

All eyes are on a news conference led by Zheng Shanjie, head of China’s National Development and Reform Commission (NDRC), on Tuesday, with investors hoping Beijing would unveil more economy-boosting policies.

“We are fully confident in achieving the goals of economic and societal development for the year,” the top economic planner said.

“We are also fully confident in maintaining stable, healthy and sustainable development,” he added.

Mainland Chinese stocks soared more than 10 percent at the open Tuesday as …