China's GDP to exceed $19.5 trillion in 2025
What's the story
China's National Development and Reform Commission (NDRC) Chairman Zheng Shanjie has said that the country's economy will surpass 140 trillion yuan ($19.5 trillion) this year. The forecast was made during a press conference about China's current five-year policy plan, which is set to end in 2025. Although China didn't set a specific GDP growth target for this period in its 14th five-year plan released in 2021, it did set annual growth targets with an aim of around 5% by 2025.
Resilience
From 2021-2024, China's economy grew at an average of 5.4%
Zheng acknowledged that the challenges faced during the recent years were more than expected, but the achievements also exceeded expectations. He highlighted that from 2021 to 2024, China's economy grew at an average annual rate of 5.4%, despite COVID-19's impact. The NDRC chair also noted China's progress in building a strong manufacturing sector and resilient industrial and supply chains.
Innovation boost
Foreign technology restrictions will strengthen self-reliance: Zheng
Zheng said the current five-year plan emphasizes economic development, technological innovation, green transformation, and improving people's livelihoods. He also addressed foreign technology restrictions, saying they would only strengthen China's self-reliance and innovation capabilities. The NDRC chair's remarks come as China continues to navigate a protracted trade war with the United States and persistent deflationary pressures.