Market veteran Howard Marks cautions that China's economic growth target is a ‘Herculean challenge'

Veteran investor Howard Marks said he was hopeful about China's economy, but cautioned that the country's growth target was a monumental challenge.

China has set a growth target of"around 5%" for 2024, but experts have said the world's second-largest economy will likely fall short of this goal. Marks told CNBC's Emily Chan on the sidelines of the third Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority that"Even though the growth rate they are targeting sounds modest compared to their history, it's still very much above average for for the rest of the world, and will represent a Herculean challenge."to 4.3% next year, despite a recent slate measures to boost the economy.

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