China is on track to wrap up its 14th Five-Year Plan (2021-2025) with impressive economic achievements. In 2024, the country's GDP grew by 5 percent year-on-year, reaching 134.9084 trillion yuan (about $18.77 trillion), successfully meeting the government's annual target.
The plan emphasizes steady GDP growth, enhanced labor productivity, and increased urbanization. Notably, in 2023, China’s labor productivity rose by 5.7 percent, surpassing the GDP growth rate of 5.2 percent. This improvement highlights better resource efficiency, accelerated industrial transformation, and boosted competitiveness.
Urbanization has also seen significant progress, with the urbanization rate of permanent residents reaching 66.16 percent by the end of 2023, up from 53.1 percent in 2012. The government aims to further increase this rate to nearly 70 percent within the next five years by supporting rural migrant workers in settling in urban areas.
Looking ahead to 2025, China plans to maintain a reasonable average annual GDP growth based on annual conditions, ensuring alignment with long-term goals. Yuan Da, a senior official with the National Development and Reform Commission, expressed confidence in achieving the 14th Five-Year Plan targets with high quality.
The Central Economic Work Conference outlined key measures for 2025, including a proactive fiscal policy and a moderately loose monetary policy. Priorities include stimulating consumption, developing new quality productive forces, preventing economic risks, consolidating poverty alleviation achievements, and promoting green development.
In addition, China is focusing on high-level opening up to secure steady growth in foreign trade and investment. An action plan was recently issued to stabilize foreign investment in 2025, supporting pilot regions in implementing open policies in sectors like telecommunications, biotechnology, and healthcare.
By lifting restrictions on domestic loans for foreign-invested enterprises, China aims to facilitate equity investments and provide comprehensive services for foreign-funded projects, reinforcing its commitment to a robust and resilient economy.
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China's economic momentum aligns with 14th Five-Year Plan targets
cgtn.com
