China has set a target of “around 5%” GDP growth for the year 2025, as the country faces uncertainties amid a prolonged trade war with the United States. This target was announced by Chinese Premier Li Keqiang during the National People’s Congress, the country’s annual legislative session.
The target of around 5% growth is lower than the 6% target set for 2022-2023 and reflects the challenges that China is facing in maintaining its economic growth momentum. The country’s economy has been impacted by the trade war with the US, as well as other factors such as the global economic slowdown and the ongoing COVID-19 pandemic.
Despite these challenges, China remains optimistic about its economic prospects. Premier Li emphasized the importance of maintaining stable economic growth and creating more employment opportunities for its citizens. He also highlighted the need to focus on innovation and technological development to drive economic growth in the future.
In recent years, China has been making efforts to shift its economy towards a more sustainable and technology-driven model. The country has been investing heavily in areas such as artificial intelligence, renewable energy, and electric vehicles, in order to reduce its dependence on traditional industries and drive growth in new sectors.
However, the trade war with the US remains a major concern for China. The two countries have been engaged in a tit-for-tat tariff battle since 2018, which has had a significant impact on both their economies. While the recent signing of a phase one trade deal provided some relief, tensions between the two countries continue to simmer, with the US accusing China of unfair trade practices and intellectual property theft.
Despite these challenges, China remains committed to achieving its growth targets and ensuring the stability of its economy. The country’s focus on innovation and technology, as well as its efforts to diversify its economy, will be key factors in driving economic growth in the coming years. With its vast resources and strong industrial base, China is well positioned to weather the storm and emerge stronger from the current economic uncertainties.