Beijing (TDI): China’s economic growth target of around 5% 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 need tremendous effort, 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, according to Xinhua.
China’s momentum of economic recovery and development continues to strengthen, said Shen, director of the Research Office of the State Council, at a media conference while outlining major factors that will support the country in achieving its 2025 growth target.
China has unveiled a package of new policies since September 2024, leading to a considerable economic rebound, with GDP growth rising to 5.4% in the fourth quarter of 2024, he noted.
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Since the beginning of the current year, key indicators such as the purchasing managers’ index for the manufacturing sector, container throughput and property sales have all signaled a trend of steady economic growth in country, the official said.
Shen stressed that favorable conditions are actively supporting economic development, 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 like real estate sector are showing positive changes, and their negative impacts are gradually weakening, he said.
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China plans to implement more proactive macro policies this year, the likes of which have not been witnessed in many years, and these are likely to provide a strong boost to economic development, according to Shen.
There are still options available in the country’s policy toolkit, and macro policies will be dynamically adjusted in response to evolving circumstances, he added.
