The world turns its gaze to Beijing as China unveils its ambitious plans for 2025. At the opening meeting of the third session of the 14th National People’s Congress (NPC), China’s national legislature announced an economic growth target of around 5 percent. This impressive figure positions China among the world’s fastest-growing major economies, with the economic increase comparable to the annual output of a medium-sized country.
Justin Lin Yifu, dean of the Institute of New Structural Economics at Peking University and former senior vice president of the World Bank, expressed confidence in China’s economic trajectory. “China’s stable and dynamic economic growth in 2025 is a certainty,” he stated. Lin believes that with a growth rate of at least 5 percent, China will continue to be a key driver of global expansion, contributing over 30 percent to global growth. “That is good news—not just for China but also for the world at large,” he added.
The government work report, submitted to the national legislature, emphasized China’s commitment to fostering an equal and orderly multipolar world and promoting inclusive economic globalization. “We will remain firm in pursuing a mutually beneficial strategy of opening up,” the report affirmed. China opposes hegemonism, unilateralism, and protectionism in all forms, upholding international fairness and justice.
In a move to invigorate its economy, China has set its deficit-to-GDP ratio at around 4 percent for 2025, marking the first time it reaches this level. Tian Yun, a Beijing-based economist, notes that this signals stronger fiscal support for high-quality economic development. “Fiscal spending will play a significantly stronger role in supporting economic growth,” Tian said, highlighting the increased efficiency expected in utilizing fiscal resources.
China is also focusing on stimulating social vitality by expanding domestic demand and broadening international cooperation. To achieve this, the country plans to issue a total of 1.3 trillion yuan (about $182 billion) of ultra-long special treasury bonds in 2025, an increase of 300 billion yuan from last year. Additionally, 735 billion yuan is earmarked in the central government budget for investment.
The report highlights China’s dedication to fostering a first-rate business environment by expanding high-standard opening up and stabilizing foreign trade and investment. Since last year, China has fully applied the negative list for cross-border trade in services, launched opening-up trials for value-added telecom services, biotechnology, and wholly foreign-owned hospitals, and extended zero-tariff treatment to all least developed countries with which it has diplomatic relations.
Emphasizing innovation-driven development, China pledges to advance technological self-reliance, accelerate major scientific projects, and build an environment conducive to innovation. Lei Jun, founder and CEO of Xiaomi and an NPC deputy, underscored the importance of innovation at the Deputies’ Corridor before the NPC session. “Our major achievements are underpinned by our innovation strategy,” he said. Xiaomi has maintained its position among the top three global smartphone manufacturers for 18 consecutive quarters, reflecting the growing global recognition of Chinese technology products and brands.
Looking ahead, China is set to reform research institutes, strengthen collaboration between industry and academia, and support young scientists to cultivate a top-tier talent pool. With these comprehensive strategies, China aims to bring confidence to the world in 2025 and beyond.
