Beijing, China — Premier Li Qiang delivered the Chinese government work report at the opening meeting of the third session of the 14th National People’s Congress on Wednesday. Setting the tone for the nation’s economic future, he unveiled ambitious targets for 2025, aiming for an annual economic growth rate of around 5 percent.
The report highlighted significant achievements from 2024, where China’s Gross Domestic Product (GDP) reached a staggering 134.9 trillion yuan (approximately $18.77 trillion), marking a 5 percent growth rate. High-tech manufacturing was a standout sector, witnessing an impressive 8.9 percent increase. The production of new energy vehicles soared, exceeding 13 million units.
China’s economic prowess was felt globally, as the country contributed about 30 percent to global economic growth in 2024. Maintaining stability, China’s foreign exchange reserves remained robust at over $3.2 trillion.
Looking ahead, the government aims to create over 12 million new urban jobs by 2025 and keep the surveyed urban unemployment rate around 5.5 percent. Consumer price inflation is targeted to be maintained at approximately 2 percent, ensuring that personal income growth stays in step with economic expansion.
These goals reflect China’s commitment to steady and sustainable growth, emphasizing innovation in high-tech sectors and bolstering employment for its urban population. As the world’s second-largest economy, China’s targets for 2025 are set to have significant implications not only domestically but also for the global economy.
