China is setting its sights on a full-year economic growth of around 5% by 2025, signaling confidence despite global economic uncertainties. High-level officials in the Chinese mainland have expressed that the nation has ample space to achieve its economic and social development goals this year.
At a recent meeting, leaders highlighted the challenges posed by global trade tensions and disruptions in the international economic order. However, they emphasized China's resilience and capacity to steer its own course.
Experts believe that China's approach involves leveraging domestic strengths while navigating international complexities. Wang Yaojing, an assistant professor at Peking University's School of Economics, noted that China is focusing on innovation and domestic consumption to drive growth.
"China has a vast market and a growing middle class," Wang said. "By boosting domestic demand, we can reduce reliance on external factors and maintain steady growth."
Begg, a research fellow at the London School of Economics and Political Science, pointed out that global economic fragmentation poses challenges but also opportunities. "While trade relations are shifting, China can explore new partnerships and strengthen ties with emerging economies," Begg stated.
Mok, a senior research fellow with the Center for China and Globalization, emphasized the importance of globalization for the global South. "China's commitment to openness can benefit not just itself but also other developing nations," Mok said. "Collaboration is key in this era of uncertainty."
As the world grapples with economic uncertainties, China's determination to achieve its growth targets could have significant implications for global markets, especially in the developing world.
