China Sets 2025 GDP Growth Target at Around 5%

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3 days ago

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 Imagesstory last updated 1 day ago

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.

Global Times South China Morning Post

Anti-China narrative

The ambitious growth target faces significant headwinds from weak domestic consumption, property sector troubles, and escalating trade tensions with the US, requiring substantial stimulus measures and structural reforms to achieve the desired results.

Bloomberg Guardian