An aerial drone photo taken on Aug. 28, 2024 shows an interior view of the digital factory at a manufacturing enterprise in Yinchuan, northwest China's Ningxia Hui Autonomous Region. [Photo/Xinhua]

China's economic growth target of around 5 percent for this year is achievable, as it aligns with the country's actual conditions and the laws governing economic development, an official said Wednesday.

Achieving this target, however, will not be easy and will require tremendous efforts, said Shen Danyang, head of the group responsible for drafting this year's government work report, which was submitted to the national legislature for deliberation earlier in the day.

China's momentum of economic recovery and growth continues to strengthen, said Shen, director of the Research Office of the State Council, at a press conference while outlining key factors that will support the country in achieving its 2025 growth target.

China has introduced a package of new policies since September last year, leading to a notable economic rebound, with GDP growth rising to 5.4 percent in the fourth quarter of 2024, he noted.

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, the official said.

Shen emphasized that favorable conditions are actively supporting economic growth, with new industries and growth drivers rapidly expanding, including new energy vehicles, the photovoltaic sector, shipbuilding and artificial intelligence.

Meanwhile, factors that were dragging down the economy, such as the real estate sector, are showing positive changes, and their adverse impacts are gradually weakening, he said.

China plans to implement more proactive and effective macro policies this year, the likes of which have not been seen in many years, and these are expected to provide a strong boost to economic growth, according to Shen.

There are still options available in China's policy toolkit, and macro policies will be dynamically adjusted in response to evolving circumstances, he said.

Emphasizing the role of employment in achieving the economic growth target, Shen said 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, particularly 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 6.97 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 said that building a unified national market requires removing barriers to economic flows and fully leveraging the market's decisive role in resource allocation, in order to enhance government functions while ensuring smooth domestic economic circulation.

Chen underlined 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 hopefully empower all industries and reach every household," Chen said.

Related

Go to Forum >>0 Comment(s)