China Targets 5% Economic Growth in 2025 Amid Global Challenges
China has set an ambitious target to achieve around 5% economic growth in 2025, according to a government work report submitted to the national legislature on Wednesday. This goal positions China as one of the world’s fastest-growing major economies, despite a challenging global environment.
The report outlines several key objectives for this year, including reducing the urban unemployment rate to around 5.5%, creating over 12 million new urban jobs, and keeping the consumer price index increase at around 2%.
Last year, China achieved a 5% growth rate, fueled by impactful policy measures that strengthened economic momentum. The new target aims to build on this success and lay the groundwork for the country’s modernization drive.
"Scientifically Grounded and Realistic"
Economist Huang Qunhui, a national political advisor from the Institute of Economics under the Chinese Academy of Social Sciences, described the growth target as "scientifically grounded and realistic."
"In the face of a challenging global environment, the proactive and resilient goal suggests that China is braving uncertainties with a clear, determined approach to growth," Huang said.
As 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025), the government’s policies not only aim for sustained growth this year but also focus on shaping the next five-year blueprint.
Focusing on High-Quality Development
The government emphasized fostering high-quality development, with priorities ranging from stimulating domestic demand to developing new productive forces.
"We will take a people-centered approach and place a stronger economic policy focus on improving living standards and boosting consumer spending," the report stated.
To achieve this, China plans to make domestic demand the main engine of economic growth. The government will issue 300 billion yuan in ultra-long special treasury bonds to support consumer goods trade-in programs, encouraging citizens to upgrade their purchases.
Additionally, China aims to nurture emerging and future industries such as quantum technology and the low-altitude economy. There is also a focus on accelerating the upgrading of traditional industries and combining digital technologies like artificial intelligence with manufacturing and market strengths.
These initiatives are expected to pave the way for sustained economic growth and modernization, benefiting not only China but also contributing to the global economy.
