China to 'transform' economy, sets ambitious 5% growth target for 2024

Chinese stocks stumbled after Beijing unveiled an ambitious economic growth target of "around 5%" for 2024 and plans to "transform" its growth model. The figure --similar to last year’s growth target -- was announced by Chinese Premier Li Qiang on Tuesday at the opening of the annual gathering of the National People’s Congress (NPC). "Making progress is our goal, and it is also what motivates us,” he said. “In particular, we must push ahead with transforming the growth model, making structural adjustments, improving quality, and enhancing performance." Li’s proclamation comes as Beijing is seeking to boost confidence in China’s economy, while grappling with an ongoing property crisis, high youth unemployment, weak consumer spending, mounting local government debt, and a battered stock market among other issues. CNN's Kristie Lu Stout reports.