How has the world’s second largest economy functioned over the past year? What are the key development goals and policy directions for 2025? In the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, guest speakers shared insights into the country’s commitment to achieving growth goals whilst moving forward with high quality development.
Stable progress amidst the challenges
According to a government labor report, China’s GDP grew by 5% last year (about US$18.8 trillion), contributing about 30% to global economic growth.
Huang Lianghao, a lab official in the State Council, described the achievement as “trick and extraordinary.”
“China has promoted growth within reasonable limits and has effectively improved the quality of its economy,” said Huang, who is also a member of the drafting group of government work reports, highlighting a 3.4% reduction in carbon emissions per GDP unit.
“In 2024, China’s economy demonstrated resilience and overall reform effectiveness,” said Medprin Regenerative Medical Technologies Co., Ltd, a Guangzhou-based biotechnology company. said Yuan Yuyu, chairman of the company.
Last year, the number of newly established entities in China exceeded 20 million.
“The rapid development of the company clearly reflects the progress of the country’s high quality development and the steady growth of new quality productive capabilities,” Yuan said.
Strategic reforms for sustainable growth
As 2025 is the final year of China’s 14th Five-Year Plan (2021-2025), experts believe that the approximately 5% growth target proposed in the government’s work report balances what is needed and what is possible.
Huang highlighted employment stabilization, risk prevention, and the alignment of the targets with national development goals by 2035.
“It not only demonstrates the government’s accurate grasp of the general principle of pursuing progress while maintaining stability in a complex economic environment, but also conveys deep strategic considerations for medium-term and long-term high-quality development.”
Huang expressed his trust in China’s economic foundations despite external pressure, citing positive factors such as a surge in technology breakthroughs and an increasing domestic demand.
Regarding employment, the report sets the target to create employment in more than 12 million new cities and approximately 5.5% of surveyed urban unemployment. Huang highlighted reforms in vocational training to address structural labor discrepancies, while Jin emphasized reforms to cultivate talent in emerging industries.
Yuan advocated a deeper industry-Asademia collaboration. “Universities hold talent resources and businesses own application scenarios. Bridge them to accelerate technical breakthroughs.”
People-centered policy orientation
According to the government’s work report, more funds and resources will be used to serve people and meet their needs. China will raise the minimum basic old age benefits for rural and non-working urban residents by 20 yuan, ensuring an appropriate increase in basic pension benefits for retirees. We will also continue to deepen our reforms in public hospitals to provide appropriate services in the public interest.
Emphasizing healthcare commitment, the original said that as health is becoming more and more important to people, businesses are responsible for providing more innovative products, drugs and medical devices and reducing costs to meet people’s needs.
The government is also planning 300 billion yuan in ultra-long special financial obligations to support the consumer goods trade programme.
“The public’s concerns are an important issue highlighted in the government’s work report. We propose various measures to benefit people and increase their well-being,” Huang said.
MNA/