The Chinese mainland is on track to meet its ambitious economic growth target of approximately 5 percent for 2025, officials announced on Wednesday. This goal aligns with the nation’s current conditions and the foundational laws governing its economic development.
Shen Danyang, the head of the group responsible for drafting this year’s government work report, emphasized that while achieving the target is feasible, it will require significant effort. Speaking at a press conference, Shen highlighted the strengthening momentum of China’s economic recovery and growth.
Since September of the previous year, a series of new policies have been introduced, leading to a notable economic rebound. In the fourth quarter of 2024, GDP growth surged to 5.4 percent, signaling positive trends in key indicators such as the purchasing managers' index for manufacturing, property sales, and container throughput.
Shen pointed out that favorable conditions are actively supporting economic growth. New industries like new energy vehicles, the photovoltaic sector, shipbuilding, and artificial intelligence are rapidly expanding, serving as new drivers of growth. Additionally, challenges in sectors like real estate are showing improvement, with their adverse impacts diminishing over time.
The Chinese mainland plans to implement proactive and effective macro policies this year, which are expected to provide a substantial boost to economic growth. These policies will be dynamically adjusted to respond to evolving circumstances, ensuring flexibility in economic management.
Employment remains a critical focus in achieving the growth target. Efforts will be made to support the employment of 12.22 million college graduates, individuals lifted out of poverty, and migrant workers. Shen also called for invigorating market entities and boosting enterprise confidence, particularly among private businesses, by fostering a favorable market environment and expanding financing support.
Macro data reveals that China boasts an annual consumption of nearly 50 trillion yuan (about 6.9 trillion U.S. dollars), investment exceeding 50 trillion yuan, and imports of goods and services surpassing 20 trillion yuan, underscoring the nation’s massive economic scale. Chen Changsheng, deputy director of the State Council Research Office, emphasized the importance of building a unified national market by removing barriers to economic flows and leveraging the market's decisive role in resource allocation.
Furthermore, the positive reassessment of Chinese assets in international capital markets, driven by growth potential in artificial intelligence, is a significant factor in the outlook. Chen highlighted the government’s commitment to advancing the AI Plus initiative, which aims to combine China’s digital technology with its manufacturing prowess and market scale to empower all industries and reach every household.
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Officials explain why China's 2025 growth target is attainable
cgtn.com
