Ashraf AboArafe
China aims to achieve economic growth of around 5 percent in 2025, according to a government work report submitted to the national legislature for deliberation on Wednesday.
The report includes a set of other major development goals for the year, including keeping the surveyed urban unemployment rate at around 5.5 percent, creating more than 12 million new urban jobs and achieving a 2 percent increase in the consumer price index.
China has managed to achieve the 5 percent growth target in 2024, as an effective policy package, along with other growth-supporting measures, helped boost the strong economic momentum.
Globally, the growth rate of around 5 percent puts China among the world’s fastest-growing major economies, with China’s economic growth equivalent to the annual output of a medium-sized country.
Huang Chunhui, a national political advisor from the Institute of Economics under the Chinese Academy of Social Sciences, described this year’s economic growth target as scientific and realistic.
“In the face of a challenging global environment, the proactive and flexible target indicates that China is defying uncertainty with a clear and resolute approach to growth,” he said.
As 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025) and is a crucial year for formulating the next five-year plan, observers believe the policies unveiled in the report will not only drive sustainable growth this year but also lay the foundation for the country’s long-term modernization drive.
Promoting high-quality development is a key focus on the government’s agenda this year, with priorities ranging from stimulating domestic demand to developing qualitative modern productive forces.
“We will take a people-centered approach and formulate a stronger economic policy focused on improving living standards and increasing consumer spending,” the report said.
The report stressed that domestic demand will become the main driver of economic growth. Special long-term treasury bonds totaling 300 billion yuan will be issued to support consumer goods trade programs.
According to the report, qualitative modern productive forces will be developed in light of local conditions. China aims to foster emerging and future industries, such as quantum technology and low-rise economy, accelerate the upgrading of traditional industries, and combine digital technologies including artificial intelligence with strengths in manufacturing and market.
