China’s 2025 growth target balances necessity, feasibility: experts
►► China’s economic growth target of around 5 percent for this year takes into account domestic and international conditions and balances both necessity and feasibility, according to experts.
It is necessary to maintain a certain level of economic growth to ensure stable employment, mitigate risks and improve people’s livelihoods, Huang Lianghao, an official with the Research Office of the State Council, said in the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.
Since China introduced a comprehensive package of incremental policies last year, the economy has experienced a significant rebound, and this positive trend has been further consolidated and expanded since the beginning of this year, said Huang.
Over the years, the country has accumulated many positive factors and favorable conditions for growth, he said, adding that new technological breakthroughs are emerging at a faster pace, new industries and growth drivers are accelerating, and domestic demand is expanding rapidly, all of which lay a solid foundation for future development.
Premier Li Qiang on Wednesday announced the annual economic growth target when delivering the government work report to the annual session of the National People’s Congress for deliberation.
According to the report, China will adopt a more proactive fiscal policy and a moderately loose monetary policy, which Huang said will provide strong policy support for economic growth.
The moderately loose monetary policy will help lower corporate financing costs and enhance liquidity, said Jin Li, a national political advisor and vice president of Southern University of Science and Technology.
Emerging industries and consumer sectors, including artificial intelligence, low-altitude economy and digital economy, are expected to receive stronger support, injecting new vitality into China’s high-quality economic development, said Jin.
By Xinhua
