The Great Hall of the People in Beijing, capital of China. [Photo/Xinhua]
China's development agenda for 2025 unveiled Wednesday at the annual national legislature session fans optimism for all -- it's expected to not only consolidate the recovery of the world's second-largest economy, but also provide a much-needed boost to a global economy grappling with persistent challenges.
Stabilizer for global growth
China plans to expand its economy by around 5 percent in 2025, unchanged from the target set for 2024, according to a government work report submitted Wednesday to the national legislature for deliberation.
A 5-percent growth in China equates to about one third of the global growth, Danilo Türk, former president of Slovenia, as well as president of Club de Madrid, told Chinese media. "If we think about this, we can see the stabilizing effect of Chinese growth, and its stable growth benefits the whole world."
Earlier this year, the World Economic Forum (WEF) predicted a global economy under considerable strain, with 56 percent of the surveyed chief economists expecting the global economy to weaken in the year ahead.
In response to the shifting economic landscape complicated by weak demand and rising trade tensions, China has intensified its pro-growth policies since last September, yielding positive results. This year, China will apply a moderately loose monetary policy and a more proactive fiscal policy, raising the deficit-to-GDP ratio to around 4 percent. Concerted efforts will be made to facilitate policy implementation and guide expectations.
Catalyst for change
Amid sluggish global growth, international organizations have called for structural reforms to unlock economic potential and ensure sustainable development. In January, the International Monetary Fund emphasized the need for decisive policy actions to enhance economic dynamism, boost the supply side, and address medium-term growth risks.
China has long pursued structural reforms to push for a greener, smarter, and more inclusive economy. John Quelch, executive vice chancellor of Duke Kunshan University, observed that the most notable feature of China's economic development policy is its long-term focus, which ensures positive outcomes.
In 2025, China plans to implement guidelines on developing a unified national market and release a revised negative list for market access to stimulate market innovation and development.
The government work report also emphasized fostering new quality productive forces, vowing support for funding for industries of the future, and the extensive application of large-scale artificial intelligence (AI) models.