China targets economic growth of around 5 pct in 2025

(ECNS) -- China targets an economic growth rate of around 5 percent in 2025, according to a government work report submitted Wednesday to the national legislature for deliberation.

The report also outlines an array of other key development goals for this year, including a surveyed urban unemployment rate of around 5.5 percent, over 12 million new urban jobs, and an around 2 percent increase in the consumer price index.

The country achieved economic growth of 5 percent in 2024 as an impactful policy package, along with other pro-growth measures, helped fuel strong economic momentum.

On a global scale, an around 5 percent growth rate places China among the world's fastest-growing major economies, with the economic increment equating to the annual output of a mid-sized nation.

Huang Qunhui, a national political advisor from the Institute of Economics of the Chinese Academy of Social Sciences, described this year's economic growth target as scientifically grounded and realistic.

"In the face of a challenging global environment, the proactive and resilient goal suggests that China is braving uncertainties with a clear, determined approach to growth," he said.

As 2025 marks the final year of China's 14th Five-Year Plan (2021-2025) period and is also crucial to crafting the next five-year blueprint, observers believe that the government policies will not only drive sustained growth this year but also lay the groundwork for the country's modernization drive in the long run.

Fostering high-quality development is a key focus on this year's government agenda, with priorities ranging from stimulating domestic demand to developing new quality productive forces.

"We will take a people-centered approach and place a stronger economic policy focus on improving living standards and boosting consumer spending," the report said.

Domestic demand will be made the main engine and anchor of economic growth, the report said. Ultra-long special treasury bonds totaling 300 billion yuan will be issued to support consumer goods trade-in programs.

New quality productive forces will be nurtured in light of local conditions, according to the report. China aims to foster emerging and future industries, such as quantum technology and the low-altitude economy, accelerate the upgrading of traditional industries, and combine digital technologies including AI with manufacturing and market strengths.