China sets an ambitious growth target of 5% in 2025. Chinese Premier Li Qiang announced this goal when presenting the government's work report at the opening session of the National People's Congress (NPC) on March 5.
This goal "assert our determination to face difficulties and make every effort to achieve them".
In his speech, Premier Li Qiang affirmed: "The giant ship of the Chinese economy will continue to surpass the waves and steadily look towards the future".
According to Xinhua, the government's working report also outlined a series of other important development targets for China this year, including an urban unemployment rate of about 5.5%, creating more than 12 million new urban jobs and a consumer price index of about 2%.
Promoting high-quality development is a focus of the Chinese government's agenda this year, with priorities ranging from stimulating domestic demand to developing new quality productive forces.
According to China Daily, the new quality production force is an advanced production force, a new development model, helping to improve labor resources and goals, leading to improved overall productivity.
Chinese President Xi Jinping proposed the concept of a new quality productive force in 2023 and the 3rd plenary Meeting of the 20th Central Committee of the Communist Party of China in July 2024 promoted the development of new quality productive forces based on local conditions to promote high-quality development.
"We will apply a more focused approach and stronger economic policies to improve living standards and boost consumer spending," the report released on March 5 stated.
The report said that domestic demand will become the main driver and pillar of China's economic growth. Super-long-term special treasury bonds with a total value of 300 billion yuan (41.2 billion USD) will be issued to support consumer goods exchange programs.
The report noted that new quality production forces will be trained in accordance with local conditions. China aims to promote emerging industries and future industries such as quantum technology and low-end economy, accelerate upgrading traditional industries and combine digital technologies including AI with manufacturing and market strengths.
A low-level economy is understood as economic activities taking place in space that is not too high above ground, usually below 3,000m. This is an area where drones, helicopters and other flying vehicles operate to provide services.
