China's economic growth target of around 5 percent for this year is within reach, as it aligns with the country's actual conditions and the laws governing economic development, according to a recent statement by an official.
Achieving this target, however, will require tremendous efforts, said Shen Danyang, head of the group responsible for drafting this year's government work report, submitted to the national legislature earlier today.
Shen highlighted that China's momentum of economic recovery and growth continues to strengthen, outlining key factors supporting the country's journey towards its 2025 growth goal.
Since September last year, China has introduced a package of new policies that have led to a notable economic rebound, with GDP growth reaching 5.4 percent in the fourth quarter of 2024.
Since the beginning of 2025, key indicators such as the purchasing managers' index for the manufacturing sector, property sales, and container throughput have all signaled a trend of steady economic growth in China.
Shen emphasized that favorable conditions are actively supporting economic growth, with rapidly expanding new industries and growth drivers, including new energy vehicles, the photovoltaic sector, shipbuilding, and artificial intelligence.
Moreover, factors that were previously dragging down the economy, such as the real estate sector, are showing positive changes, with their adverse impacts gradually weakening.
China plans to implement more proactive and effective macro policies this year, expected to provide a strong boost to economic growth, according to Shen. He noted that there are still options in China's policy toolkit, and macro policies will be dynamically adjusted in response to evolving circumstances.
Emphasizing the role of employment in achieving the growth target, Shen stated that particular efforts will be made to support the employment of 12.22 million college graduates this year, along with individuals lifted out of poverty and migrant workers.
Shen also called for invigorating market entities and boosting enterprise confidence, especially among private businesses. "Authorities will continue working to foster a favorable market environment for fair competition and expand financing support for private businesses, as well as micro and small enterprises."
Macro data shows that China has an annual consumption of nearly 50 trillion yuan (about 6.9 trillion U.S. dollars), investment exceeding 50 trillion yuan, and imports of goods and services surpassing 20 trillion yuan, demonstrating a massive economic scale, said Chen Changsheng, deputy director of the State Council Research Office.
Chen stated that building a unified national market requires removing barriers to economic flows and fully leveraging the market's decisive role in resource allocation, enhancing government functions while ensuring smooth domestic economic circulation.
He also highlighted the positive reassessment of Chinese assets in international capital markets, driven by the growth potential of AI. "This year's government work report calls for advancing the AI Plus initiative. By combining China's digital tech with its manufacturing prowess and market scale, AI can empower all industries and reach every household," Chen said.
Reference(s):
Officials explain why China's 2025 growth target is attainable
cgtn.com
