Beijing, China — In a press conference held at the Great Hall of the People on Tuesday, Lou Qinjian, spokesperson for the third session of the 14th National People’s Congress (NPC), expressed strong confidence in China’s economic prospects.
Resilient Growth Amid Challenges
Despite global economic uncertainties, Lou highlighted that China’s economy showcased remarkable resilience in 2024. With the gross domestic product (GDP) surpassing 130 trillion yuan (over $17.8 trillion) and achieving a 5 percent growth rate, the spokesperson emphasized the nation’s robust economic foundation.
“China’s vast market size and comprehensive industrial system provide a solid backbone for sustained economic development,” Lou stated. He attributed the positive outlook to the country’s abundant advantages, strong resilience, and significant potential.
Embracing New Growth Drivers
As China transitions towards new growth drivers, emerging industries are flourishing. The Third Plenary Session of the 20th Communist Party of China (CPC) Central Committee, held last year, introduced comprehensive reforms and higher-level opening-up measures aimed at stimulating economic vitality.
“These initiatives are strengthening our long-term economic momentum,” Lou explained. “We’re committed to fostering an environment where innovation and the private economy can thrive.”
Boosting the Private Economy
Progress has been made on the Private Economy Promotion Law, with a draft submitted to the NPC Standing Committee for review. The proposed law aims to optimize the growth environment for the private sector and boost entrepreneurs’ confidence.
By enshrining principles that support unwavering commitments and healthy developments, China seeks to further energize its private enterprises. “This legislation is a testament to our dedication to the private sector,” Lou remarked.
Strengthening Global Trade Relations
Addressing international trade, Lou reaffirmed the mutually beneficial nature of China-U.S. economic ties. Since establishing diplomatic relations 46 years ago, bilateral trade has grown over 200 times, with two-way investment stock reaching approximately $250 billion.
However, he criticized unilateral tariff measures that disrupt global industrial and supply chains. “Such actions violate World Trade Organization rules,” Lou cautioned. “China remains committed to resolving trade concerns through dialogue based on mutual respect, equality, and reciprocity.”
On relations with Europe, Lou noted that China and the European Union continue to maintain stable trade relations. “Economic cooperation between China and Europe is crucial for global supply chain security and economic growth,” he said. “We are eager to deepen cooperation across various fields to tackle global challenges together.”
Looking Ahead
The third session of the 14th NPC is set to commence in Beijing on Wednesday. Key discussions during the session are expected to shape China’s policy direction in the coming year, reflecting its commitment to sustained growth and global cooperation.
