China is confident it will achieve its 2025 economic growth target of around 5 percent, according to Zheng Shanjie, head of the National Development and Reform Commission (NDRC). Speaking at a press conference during the third session of the 14th National People’s Congress in Beijing, Zheng highlighted the country’s solid foundation and strong support for this goal.
“We set this target after careful analysis and evaluation,” Zheng explained. “Our economy has shown remarkable resilience, and we’ve successfully met major development targets despite many challenges.”
Last year, China’s GDP reached nearly 135 trillion yuan (about $18.6 trillion), contributing roughly 30 percent to global economic growth. Zheng emphasized the growing importance of new and high-tech sectors in driving the economy forward.
The “three new” economies—new industries, new business models, and new forms of commerce—made up over 18 percent of China’s GDP, and this share is increasing. High-tech manufacturing grew rapidly, with its added value rising by 8.9 percent, much faster than the average growth of larger industrial companies.
Key achievements include producing over 13 million new energy vehicles, which is more than 60 percent of global production. China also saw rapid growth in integrated circuits, with exports surpassing 1.1 trillion yuan, a new record. The country’s investment in research and development exceeded 3.6 trillion yuan, an 8.3 percent increase from the previous year.
The private sector remains strong, contributing 64.7 percent of exports, up from the previous year. Significant progress was made in core technologies like artificial intelligence, aerospace, biopharmaceuticals, marine engineering, and new materials.
“These rapidly developing sectors are creating new growth engines for our economy,” Zheng said. “This makes the long-term positive trend of our economy even more clear.”
