China's leadership is setting the stage for a robust economic performance in 2025, aiming to be the driving force behind global growth. On Monday, members of the Political Bureau of the Communist Party of China (CPC) Central Committee convened to outline the country's economic strategies for the coming year, expressing strong confidence in achieving their 2024 development goals.
Chaired by Chinese President Xi Jinping, who also serves as the general secretary of the CPC Central Committee, the meeting emphasized the importance of proactive and impactful macro policies. This marks the first adoption of a \"moderately loose\" monetary policy in over a decade, indicating a willingness to lower reserve requirement ratios and reduce interest rates to stimulate economic activity.
The International Monetary Fund (IMF) forecasts that over the next five years, global economic growth will increasingly rely on BRICS nations, with China expected to be the top contributor, holding a 22 percent share—surpassing the combined contributions of all G7 countries.
To support this growth, China is implementing a series of policy measures, including cutting reserve requirement ratios, reducing taxes, and introducing trade-in programs for consumer goods. These initiatives have already shown positive effects, with financial markets responding favorably in both stock and bond sectors in the early fourth quarter.
Economic indicators for China are also signaling a positive trend. In October, the Purchasing Managers' Index (PMI) rose to 50.1 percent, marking a consecutive month-on-month increase and entering the expansion zone for the first time in five months. Similarly, the Non-Manufacturing Business Activity Index reached 50.2 percent, up by 0.2 percentage points month-on-month.
At a recent symposium held on December 6 with non-CPC participants, Xi Jinping highlighted China's economic resilience, stating, \"We faced difficulties and challenges every year, but we have always developed by overcoming challenges, grown up in the baptism of wind and rain, and become stronger in the face of tests.\"
Looking ahead to 2025, the CPC Central Committee stressed the importance of enhancing consumption, improving investment efficiency, and expanding domestic demand across all sectors. The country also plans to broaden its high-standard opening up, stabilize foreign trade and investment, and effectively manage risks in key sectors to prevent systemic issues.
By fostering a favorable external environment and diligently managing internal affairs, China aims to translate positive factors into tangible development achievements, reinforcing its position as a global economic powerhouse.
Reference(s):
cgtn.com
