Beijing, March 7th (Xinhua) — Transmitting “China’s Confidence” to the World – Overseas Discussions on China’s 2025 Economic Growth Target
“GDP growth is about 5%.” On the 5th, the government work report submitted to the Third Session of the 14th National People’s Congress for deliberation put forward the expected target of China’s economic growth in 2025. Many people believe that China’s economic growth goal is steady, pragmatic, scientific and reasonable, which releases a clear signal that China’s economy is not afraid of wind and rain, faces difficulties, and unswervingly follows the path of high-quality development, bringing more confidence and strength to the uncertain world economy.
This is a drone photo taken on February 25th at Guoyuan Port in Liangjiang New District, Chongqing. Since the beginning of 2025, Guoyuan Port in Liangjiang New Area, Chongqing has continued to be busy. As of February 25th, the container throughput of Chongqing Guoyuan Port reached 116340 TEUs, achieving a good start to the new year. Photo by Tang Yi, Xinhua News Agency reporter
Scientific planning for coordinating “quality” and “quantity”
The world is paying attention to China’s Two Sessions and its economic growth targets, “said Wolfram Elsner, an economics professor at the University of Bremen in Germany.” In my opinion, it is scientifically reasonable for China to set this target at around 5% this year
John McLean, Chairman of the UK China Business Development Centre, believes that China’s 2025 economic growth target is set at around 5%, indicating that despite the uncertainty of the external environment, China still has confidence in achieving steady economic growth.
The government work report proposes that it is necessary to balance the relationship between improving quality and expanding the overall volume. Overseas interviewees believe that setting the economic growth target at around 5% reflects China’s rational consideration of maintaining high-quality development and further promoting the optimization and transformation of its economic structure.
Pedro Stinhagan, Director of Development at the Brazilian think tank “View China”, stated that the growth target is an important guide for the country’s economic development. China not only values the speed of economic growth, but also strives to improve the quality of growth, actively promoting progress in scientific and technological innovation, green development, and social inclusiveness, making economic development more balanced, sustainable, and resilient. China is moving forward on the right path of development
Hidetoshi Tashiro, Chief Economist of Japan’s Infinite Contract Company, stated that with China implementing a more proactive fiscal policy and moderately loose monetary policy, business and consumer confidence is expected to further rebound.
Argentine sociologist Marcelo Rodriguez believes that China’s proposed economic growth targets are based on an objective analysis of its own national conditions and a realistic assessment of the international situation. He believes that China will be able to achieve the expected goals as before.
On January 9th, in the automobile welding workshop of Wuzheng Group located in Wulian County, Rizhao City, industrial robots were welding car bodies. Photo by Xinhua News Agency reporter Guo Xulei
A solid support for bravely moving forward through the wind and waves
A growth rate of around 5% is considered a relatively high level among major economies worldwide. In the current complex and severe internal and external environment, especially with the deepening adverse effects of external environmental changes, China has set such growth targets with practical considerations and more solid confidence.
The development of the Chinese economy has many favorable conditions, which are a strong foundation for setting this growth target. Elsner believes that the Chinese economic system has strong resilience, including a huge market size, a well-established industrial chain system, rapidly rising technology enterprises, and well-educated talents, which provide strong endogenous driving forces for China’s economic growth.
In the view of Kenyan economist James Hickswati, China’s vast market size and domestic demand potential are important supports for setting its economic growth goals. With the improvement of residents’ income levels and the upgrading of consumption structure, China’s domestic demand market will continue to expand, providing strong impetus for economic growth.
Faced with complex situations and multiple challenges, the government work report presents a package of policy tools: implementing a more proactive fiscal policy, with the deficit ratio planned to increase by 1 percentage point compared to the previous year; Implement a moderately loose monetary policy, timely reduce reserve requirement ratios and interest rates, and maintain sufficient liquidity; We implemented special actions to boost consumption, and arranged 300 billion yuan of ultra long term special treasury bond to support the exchange of old for new consumer goods
The Chinese government has rich experience and strong capabilities in economic governance. The government ensures the smooth operation of the economy through effective policy regulation and market supervision. At the same time, it pays attention to the role of market mechanisms, guides resource allocation through market competition and price mechanisms, and improves economic efficiency and development quality, “said Hikwati.
Weng Zhongyi, Executive Director of the Asia Pacific “the Belt and Road” Joint Policy Council, a Malaysian think-tank, noted that unlike some Western countries, whose policies are easily affected by the election cycle and lack coherence, China’s economic policy framework has the characteristics of goal guidance and continuous implementation. The government guides resource allocation and market expectations by setting long-term strategic goals to ensure the stability and sustainability of economic development.
This is a drone photo taken on February 21st in Kribi, Southern Region of Cameroon, of the second phase of the Kribi Deepwater Port in Cameroon. The handover ceremony of the second phase of the Kribi Deepwater Port project in Cameroon, constructed by China Harbour Engineering Co., Ltd. (China Harbour), was held on the 21st at the Kribi Deepwater Port terminal. Xinhua News Agency (Photo by Science Popularization)
Transmitting the Power of Confidence for Common Prosperity
China’s 2025 economic growth target is not only related to its own development, but also to global market expectations, investment confidence, and even supply chain stability, “said Frank J ü rgen Richter, chairman of the Swiss based think tank Horyses.
At present, the global economic growth momentum is insufficient, unilateralism and protectionism are intensifying, the multilateral trading system is hindered, tariff barriers are increasing, and the stability of global industrial and supply chains is being impacted, which hinders the international economic cycle. There are still many geopolitical tensions that affect global market expectations and investment confidence, exacerbating international market volatility risks. The world urgently needs the confidence and courage to face challenges and forge ahead.
The growth target sends a clear signal: in the face of challenges, China remains committed to the path of openness, innovation, and sustainable development. This not only enhances the confidence of global investors, but also provides more stable growth support for the world economy. Against the backdrop of increasing uncertainty, China’s stable development is the anchor of global economic stability, “said Richter.
China contributes about 30% of the global economic growth and occupies an important position in the world economic landscape. China’s economic growth target has a significant impact on global economic expectations, “said Stinhagan.” Setting a growth target of around 5% can help enhance international market confidence and provide support for world economic recovery and sustainable development
China injects confidence and strength into the world economy not only through its growth goals themselves, but also through its commitment and actions to uphold the concept of openness and bring new opportunities to the world through its own development.
The government work report proposes to unwaveringly adhere to opening up to the outside world regardless of changes in the external environment, steadily expand institutional opening up, orderly expand independent and unilateral opening up, and promote reform and development through opening up.
Siemens Global Executive Vice President Xiao Song stated that the “2025 Action Plan for Stabilizing Foreign Investment” is an important measure for China to expand its high-level opening-up to the outside world. Expanding the pilot opening up of telecommunications and other fields provides opportunities for foreign-funded enterprises to enter the Chinese market, bringing more cooperation and market opportunities. Siemens’ open digital business platform benefits from this policy
China’s commitment to opening up to the outside world will promote more international cooperation and benefit global trade, “said Rob Smith, CEO of the globally renowned forklift manufacturing and supply chain solutions provider, Germany’s KION Group.
Overseas people generally hope that a China that is open and cooperative, and works hand in hand with other countries, will continue to open up to the outside world with high-quality development and high level, bringing more new opportunities for cooperation and win-win outcomes to the world.