China is on track to achieve the ambitious goals set in its 14th Five-Year Plan (2021-2025), aiming for steady GDP growth and significant advancements in labor productivity and urbanization.
In 2024, China's GDP grew by 5% year-on-year, reaching approximately $18.77 trillion, successfully meeting the government's target. This growth is supported by improved resource efficiency, accelerated industrial transformation, and enhanced competitiveness.
The plan emphasizes that labor productivity should grow faster than GDP. In 2023, labor productivity increased by 5.7%, outpacing the 5.2% GDP growth. With ongoing efforts to cultivate new quality productive forces, China is poised to meet this target by 2025.
Urbanization is another key focus, with the permanent resident urbanization rate already reaching 66.16% by the end of 2023, surpassing the plan's target of 65%. The government aims to further boost this rate to nearly 70% within five years by supporting rural migrant workers in settling down in urban areas.
Looking ahead to 2025, China will adopt a more proactive fiscal policy and a moderately loose monetary policy to ensure economic stability and growth. Priorities include stimulating consumption, developing new productive forces, preventing risks in key areas, consolidating poverty alleviation achievements, and promoting green development.
Additionally, China is committed to high-level opening up, aiming to secure steady growth in foreign trade and investment. An action plan has been introduced to stabilize foreign investment, supporting pilot regions in implementing open policies in sectors like telecommunications, biotechnology, and healthcare. Restrictions on domestic loans for foreign-invested enterprises will be lifted to facilitate equity investments.
With these comprehensive measures, China remains confident in its ability to complete the 14th Five-Year Plan with high quality, driving sustained economic growth and urban development by 2025.
Reference(s):
China's economic momentum aligns with 14th Five-Year Plan targets
cgtn.com
