China Sets Gdp Target At About 5 Despite Us Tariff
Bloomberg4 days ago
China Sets 2025 GDP Growth Target at Around 5%
Above: China's Pres. Xi Jinping (L) and Premier Li Qiang attend the CPPCC opening ceremony at the Great Hall of the People in Beijing on March 4, 2025. Image copyright: Pedro Pardo/Contributor/AFP via Getty Images
The Facts
China has established a GDP growth target of approximately 5% for 2025 — the same goal as 2024 — and set the deficit-to-GDP ratio at 4%, up from 3% last year.
During the opening session of the National People's Congress on Wednesday, Premier Li Qiang said the government plans to issue ¥1.3T (180B USD) in ultra-long-term special treasury bonds, an increase from ¥1T in 2024, and raise the special local government bonds quota to ¥4.4T from ¥3.9T.
Additionally, Beijing plans to create more than 12M urban jobs in 2025 — maintaining the surveyed urban unemployment rate target at 5.5% — and set a lower consumer price index target of around 2%, down from 3% in 2024.
The Spin
Pro-China narrative
The 5% growth target demonstrates China's economic resilience and potential, positioning the country among the world's fastest-growing major economies while maintaining policy continuity and stability despite external challenges.
