China's 5% GDP Growth Target is Attainable

(ECNS) -- The Chinese government has set an ambitious yet attainable GDP growth target of around 5 percent for the year 2025. Shen Danyang, who is the head of the government work report drafting team and the director of the State Council Research Office, stated that this target is realistic given the current economic landscape both domestically and globally.

Shen highlighted that the target was carefully considered based on various factors, balancing both necessity and feasibility. He pointed out that although this goal may appear higher than forecasts from some foreign institutions, it is important to remember that economic predictions are based on specific assumptions that can change due to various influencing circumstances, such as macroeconomic policies and reform initiatives.

According to Shen, achieving the desired growth relies on three main factors: the general economic trend, available capabilities, and the level of policy support. He expressed full confidence in meeting this year's growth objective when these factors are evaluated collectively.

Shen noted that China's economy is showing signs of recovery and strengthening upward momentum. Highlighting advancements in technology, particularly in artificial intelligence, he pointed out that these developments are gaining attention. Furthermore, he observed that consumption in the cultural and tourism sectors remains robust, especially noted during the Spring Festival, where activity exceeded expectations.

He also spoke about several favorable conditions in place that are contributing to China's economic growth. Emerging industries and new growth drivers have gained significant momentum in recent years. Notable sectors include new energy vehicles, photovoltaics, and shipbuilding, which are now leaders on the world stage. Furthermore, industries related to AI are experiencing rapid growth, giving China a strong new engine for economic progress.

Additionally, Shen emphasized the substantial support from macroeconomic policies and other strategic measures. A mix of incremental and existing policies is gradually taking effect, and this year has seen the introduction of an unprecedentedly proactive macroeconomic policy combination designed to bolster economic growth. He mentioned that there is also room for further adjustments in macroeconomic policies, which will be dynamically updated in response to ongoing changes to maintain a proactive and effective strategy.

China, GDP, Growth