(Reuters) -Chinese leaders agreed last week to raise the budget deficit to 4% of gross domestic product (GDP) next year, its highest on record, while maintaining an economic growth target of around 5%,

Chinese leaders plan to set an annual growth goal of about 5% for next year and raise the budget deficit to 4% of gross domestic product, Reuters reported, citing two people it didn’t identify.

The new deficit plan compares with an initial target of 3% of GDP for 2024, and is in line with a ‘more pro-active’ fiscal policy outlined by leading Chinese officials

BEIJING - Chinese leaders agreed last week to raise the budget deficit to 4 per cent of gross domestic product (GDP) next year, its highest on record, while maintaining an economic growth target of around 5 per cent,

The new deficit plan compares with an initial target of 3% of GDP for 2024, and is in line with a "more proactive" fiscal policy outlined by leading officials after December's Politburo meeting and last week's Central Economic Work Conference (CEWC),

These targets are usually not announced officially until an annual parliament meeting in March. They could still change before the legislative session