Beijing is gearing up to bolster global confidence as it unveiled an ambitious economic growth target of around 5 percent for 2025 during the opening meeting of the third session of the 14th National People's Congress (NPC), China's national legislature.
This projected growth rate positions China among the world's fastest-growing major economies, equating to the annual output of a medium-sized country. Justin Lin Yifu, dean of the Institute of New Structural Economics at Peking University and former World Bank chief economist, emphasized China's steady and dynamic economic trajectory despite global uncertainties. \"That is good news – not just for China but also for the world at large,\" Lin remarked.
The government report, presented to the NPC, highlighted China's commitment to fostering an equal and orderly multipolar world while promoting inclusive economic globalization. It outlined a proactive fiscal policy with a deficit-to-GDP ratio set at around 4 percent for the year, marking the first time China has targeted this level. Economist Tian Yun noted that this increase signals a stronger governmental role in supporting high-quality economic development through enhanced fiscal spending and efficiency.
In a bid to stimulate societal vitality, China plans to expand domestic demand and strengthen its economy by issuing 1.3 trillion yuan ($182 billion) in ultra-long special treasury bonds and earmarking 735 billion yuan in the central government budget for investment in 2025. These measures aim to stabilize foreign trade and investment, fostering a first-rate business environment through initiatives like the negative list for cross-border trade in services and opening-up trials in telecom services, biotechnology, and healthcare.
Innovation remains at the forefront of China's strategy. The report pledges to advance technological self-reliance, accelerate major science projects, and cultivate an environment conducive to innovation. Lei Jun, founder and CEO of Xiaomi and an NPC deputy, highlighted the significance of innovation in maintaining Xiaomi's position among the top three global smartphone manufacturers for 18 consecutive quarters. This achievement underscores the growing global recognition of Chinese technology products and brands.
Looking ahead, China aims to reform research institutions, enhance collaboration between industry and academia, empower enterprises in the innovation process, and develop a top-tier talent pool to support young scientists, ensuring sustained economic growth and global influence.
Reference(s):
cgtn.com
