Xi says China to hit 2025 growth target of ‘around 5%’

Beijing: Chinese President Xi Jinping said on Wednesday that the country’s economy was expected to grow “around five percent” in 2025 despite “pressure” during what he described as a “very unusual” year, state media said.

The announcement came in Xi’s New Year’s Eve speech to a top political advisory body, state news agency Xinhua reported.

Such an annual expansion would be in line with the official government target and on par with the five percent growth recorded in 2024.
The world’s second-largest economy has come under increasing pressure in recent years; Consumer confidence has so far failed to recover from the decline caused by the pandemic.

A persistent debt crisis in the real estate sector, industrial overcapacity and a growing trade dispute with Washington also darkened the outlook.

According to Xinhua, Xi said in his speech at the Chinese People’s Political Consultative Conference, “We faced difficulties head on and strived diligently, successfully achieving the main goals of economic and social development.” he said.
“The growth rate is expected to reach around five percent,” he said. He added that “overall social stability has been maintained” and that the anti-corruption effort has been “relentlessly pursued”, according to the report.

Experts expect Beijing to announce a similar economic growth target for 2026 at a major annual political meeting in early March.

Data released on Wednesday offered a positive sign for policymakers; Factory activity moved into expansion territory in December, ending an eight-month streak of contraction.