China will unveil its annual GDP growth target and policy arrangements for high-quality development at the upcoming national “two sessions” in Beijing.
Contrary to slowdown forecasts by certain Western naysayers, the Chinese economy is well-positioned to sustain its recovery and maintain steady growth this year.
During the “two sessions,” the annual meetings of China’s national legislature and top political advisory body, measures to expand domestic demand and promote sci-tech innovation and high-standard opening up are expected to be outlined.
As a priority, domestic demand will be expanded comprehensively. China has huge potential in consumption and investment. The record highs seen in the domestic Spring Festival holiday box office and the number of trips made during the 40-day festival travel rush attest to the vitality of China’s consumption and economy. More targeted steps are expected to uplift consumption further. Fruitful campaigns such as large-scale equipment upgrade and consumer goods trade-in programs will be expanded. Investment will gain steam in projects to implement major national strategies and build up security capacities in key areas.
The private sector, in particular, is expected to gain more momentum in its healthy, high-quality development. In February, a symposium on private enterprises in Beijing lent a significant boost to morale in the sector, which contributes more than 60 percent of GDP and 80 percent of urban employment in China. The country plans to promulgate a private sector promotion law this year, which will stimulate the sector’s development momentum and promote high-quality development.
Fresh efforts are expected to develop new quality productive forces through scientific and technological innovation. Startups DeepSeek and Unitree Robotics, both of which have caught global attention, highlight China’s technological progress. Under the country’s AI Plus initiative and other programs, the integrated development of technology and industry will generate new sources of growth for the Chinese economy. China’s new energy industries and overall green transition, driven by its cutting-edge technologies, will continue to be important growth drivers.
Amid rising global trade protectionism, China remains committed to expanding its high-standard opening up. An action plan to stabilize foreign investment in 2025 has outlined 20 measures to attract foreign investment, such as those related to upgrading pilot free trade zones and expanding pilot programs in fields such as telecommunication and medical services. China will also work to ensure new progress in high-quality Belt and Road cooperation with partner countries.
This year is important in terms of the further, comprehensive deepening of reform to advance Chinese modernization. Reform measures planned for this year are expected to boost high-quality development by optimizing resource allocation and improving the market environment.
Last year, the Chinese economy met its annual growth target of around 5 percent, outperforming other major economies and remaining the biggest engine of global economic growth. The 2025 growth target will be a key indicator of the projected operations of the world’s second-largest economy.
A central economic work conference last December set the tone for a more proactive policy stance, and called for the enrichment of the national policy arsenal this year, as well as improved policy coordination.
With the pro-growth policies rolled out since last September and a raft of new pragmatic measures for the year ahead at hand, there should be little doubt that China will be capable of navigating challenges at home and abroad, and of securing steady growth while promoting high-quality development.
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