China has set an ambitious target of achieving a 5% economic growth rate by 2025, as outlined in a government work report submitted to the national legislature on Wednesday. This goal comes alongside other key development objectives for the year, including maintaining an urban unemployment rate of around 5.5%, creating over 12 million new urban jobs, and achieving an approximately 2% increase in the consumer price index.
The country's previous economic growth of 5% in 2024 was fueled by an impactful policy package and various pro-growth measures that boosted strong economic momentum. On the global stage, a 5% growth rate positions China among the world's fastest-growing major economies, with the economic increment comparable to the annual output of a mid-sized nation.
Huang Qunhui, a national political advisor from the Institute of Economics under 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 stated.
As 2025 marks the final year of China's 14th Five-Year Plan (2021-2025) period, it is crucial for crafting the next five-year blueprint. Observers believe that the government's policies will not only drive sustained growth this year but also lay the groundwork for the country's long-term modernization efforts.
High-quality development remains 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 emphasized.
Domestic demand is set to become the main engine of economic growth, supported by the issuance of ultra-long special treasury bonds totaling 300 billion yuan to back consumer goods trade-in programs. Additionally, China aims to nurture emerging and future industries such as quantum technology and the low-altitude economy, accelerate the upgrading of traditional industries, and integrate digital technologies including artificial intelligence with manufacturing and market strengths.
