In a New Year’s message, President Xi Jinping projected robust economic growth for China in 2024, setting the GDP target at roughly 5%—a declaration that suggests the nation is firmly on the path to achieving its official economic goals.
Speaking at a New Year’s event, and as reported by the Xinhua news agency, Xi highlighted the country’s “overall stable and progressing” economy, having adeptly navigated key risks with stable employment and pricing.
Although the final numbers remain pending until February, Xi’s recent address concluded a year marked by economic challenges, initially portraying the growth aspiration as an ambiguous target.
However, subsequent measures, including a series of stimulus initiatives launched since September 2023, have brightened the economic landscape, with economists predicting an expansion of approximately 4.8% for the year.
Xi also emphasized an extension of economic support through a continuation of proactive policies into 2025, aiming at completing the 14th Five-Year Plan. Despite recognizing hurdles, such as global uncertainties and the quest for new growth motivators, he urged confidence, stressing China’s ability to thrive under adversity.
As China prepares targets for 2025, projections remain similar to 2024’s, amid signs that leadership is ready to adopt more aggressive stimulus tactics. Such measures could mitigate any negative effects arising from potential changes in US trade policy under President-elect Donald Trump.
The forthcoming GDP target for 2025 will be formalized in March during the nation’s annual legislative sessions. Leaders currently propose another 5% growth goal, consistent with trends reported by Reuters. Meanwhile, Bloomberg’s economist surveys forecast a slightly lower growth of around 4.5% in 2025.
Premier Li Qiang, in an effort to boost sentiment, previously disclosed the 2023 growth rate at 5.2% during the Davos summit in January 2024, pointing out that China’s achievements came without resorting to overwhelming stimulus measures.
