China on Wednesday set a growth target of around 5 percent for its economy in 2025, which remains the same as last year’s goal, indicating top policymakers’ solid confidence in the stable growth of the world’s second-largest economy despite rising global risks and challenges.
The annual official growth target was unveiled in the Government Work Report delivered by Premier Li Qiang to the National People’s Congress (NPC), the national legislature, which began its annual session on Wednesday morning.
In addition to the GDP growth target, the Government Work Report also contained a slew of other targets. The deficit-to-GDP ratio, another closely watched figure, was set at around 4 percent for 2025. The country has set the surveyed urban unemployment rate at around 5.5 percent for 2025, while the CPI is set at around 2 percent in 2025.
China will issue a total of 1.3 trillion yuan (about $182 billion) of ultra-long special treasury bonds in 2025, up 300 billion yuan from last year, according to the Government Work Report.
The country also plans to issue 4.4 trillion yuan (about $613.67 billion) of local government special-purpose bonds in 2025, an increase of 500 billion yuan over last year, according to the Government Work Report.
“In proposing these targets, we have considered evolving dynamics both at home and abroad and other relevant factors, including both what is needed and what is possible,” the report said, “a target of around 5 percent is well aligned with our mid- and long-term development goals and underscores our resolve to meet difficulties head-on and strive hard to deliver.”
For context, in 2024, China’s GDP grew by 5 percent, surpassing 130 trillion yuan ($17.82 trillion) for the first time, successfully achieving key economic and social development goals.
The Government Work Report on Wednesday also outlined a slew of policy measures in 2025. China will adopt a more proactive fiscal policy, and apply an appropriately accommodative monetary policy, the report said.
“We will refine and develop new structural monetary policy instruments to provide stronger support for sound development of the real estate sector and the stock market, for scientific and technological innovation, green development, the boosting of consumption, and for private businesses and micro and small enterprises,” the report reads.
