China has decided on ambitious economic targets for 2024. The big question now is how it will reach those goals.

The “around 5%” growth target announced by Premier Li Qiang at the opening session of the annual National People’s Congress Tuesday is the same as that for 2023. But unlike last year, when Beijing’s abrupt exit from Covid Zero provided a boost to economic activities in the first half, there is no powerful tailwind in China’s favor this time. In addition, the government continues to see inflation at around 3%, even as the statistic bureau reports the economy is slipping into deflation.