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2mo ago

China Sets 2025 Economic Growth Target Amid Rising Trade Tensions

Beijing aims for 5% GDP growth while addressing domestic challenges and navigating U.S. tariffs and tech restrictions.

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Key Chinese finance and economy officials from left, Wu Qing, Chairman of the China Securities Regulatory Commission, Wang Wentao, Commerce Minister Zheng Shanjie, Chairman of the National Development and Reform Commission, Lan Fo'an, Finance Minister, Pan Gongsheng, Governor of the People's Bank of China, meet the press on the sideline of the National People's Congress in Beijing, China, Thursday, March 6, 2025. (AP Photo/Vincent Thian)
Chinese Premier Li Qiang speaks during the opening session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China, Wednesday, March 5, 2025.

Overview

  • China announced a 5% GDP growth target for 2025 at its annual National People's Congress, maintaining the same goal as the previous year.
  • The Chinese government plans to boost domestic consumption through subsidies, fiscal interest policies, and expanded trade-in programs for consumer goods.
  • U.S. tariffs, imposed by President Trump, and tech export restrictions are seen as significant external challenges, with Beijing pledging to prioritize self-reliance in high-tech sectors like AI and green technology.
  • China will expand a national venture capital fund to support startups in advanced industries, aiming to attract up to 1 trillion yuan in investments.
  • Officials highlighted recent successes in innovation, such as AI advancements and global achievements in gaming and film, as evidence of China's resilience and adaptability.