BEIJING: China’s economy is expected to have grown “around 5 per cent” in 2025, President Xi Jinping said on Wednesday (Dec 31), despite “pressure” during a year he described as “very unusual”, state media reported.
The announcement came in Xi’s New Year’s Eve speech to a top political consultative body that was reported by state news agency Xinhua.
Such an annual expansion would be in line with the official government target and on par with the 5 per cent growth recorded in 2024.
The world’s second-largest economy has come under increasing pressure in recent years, with consumer sentiment having so far failed to recover from a COVID-19 pandemic-induced plunge.
A persistent debt crisis in the property sector, industrial overcapacity and heightened trade conflict with Washington have also darkened the outlook.
“We faced challenges head-on and strived diligently, successfully achieving the main goals of economic and social development,” Xi said in his remarks to the Chinese People’s Political Consultative Conference, according to Xinhua.
“The growth rate is expected to reach around 5 per cent,” he said.
Source: CNA
