5 percent growth target is both a scientific judgment and a progressive declaration: Global Times editorial

BEIJING, March 5, 2025 /PRNewswire/ -- The third session of the 14th National People's Congress convened in the Great Hall of the People in Beijing on Wednesday morning. Chinese President Xi Jinping and other leaders attended the opening meeting. Premier Li Qiang delivered a government work report at the meeting. The report comprehensively reviews 2024 work achievements, outlines government work tasks for 2025, and clearly sets the target of annual GDP growth at around 5 percent. From this morale-boosting report, people can see the steady progress of China's economy over the past year and feel a firm confidence in the future.

Pragmatism, positivity and strength are the general sentiments of public opinion toward this year's government work report. The world has noticed that this is the third consecutive year China has anchored its GDP growth rate in the 5 percent range. Reuters and other foreign media outlets, citing professionals, said that considering China's good record in achieving its goals, repeating the around 5 percent growth target "is a show of confidence as well as an implication of stronger policy support for domestic demand this year." The 5 percent is like "jumping to reach the peaches," which requires hard work and is supported by economic growth potential and favorable conditions. People generally believe that China has the ability to achieve this.

We are confident in the Chinese economy. This is not empty talk, but a rational judgment based on multiple advantages. Moreover, the comprehensive growth advantages that China possesses are truly unique among the major economies in today's world.

First of all, China has prominent institutional advantages. Its ultra-large-scale market, complete industrial system and abundant human resources provide a solid foundation for economic development. Second, the Chinese government has long-term planning and scientific control capabilities, and can effectively respond to various risks and challenges through precise policy implementation and top-down coordination.

For example, the government work report sets the country's deficit-to-GDP ratio for this year at around 4 percent and a total of 1.3 trillion yuan of ultra-long special treasury bonds will be issued, demonstrating the flexibility of policy tools. The expansion of social investment demand, the upgrading of household consumption demand, the optimization of the economic structure, and the energy transformation have opened up necessary space for the steady growth of the Chinese economy.

More importantly, the development philosophy centered on the people is the foundation of China's economic viability. The report emphasizes that growth in personal income should be in step with economic growth, more funds and resources will be used to serve the people, and, for the first time, it includes stability in the real estate market and the stock market as part of the overall requirements, reflecting a response to people's livelihoods. Whether it is the comprehensive victory in poverty alleviation or continuous investment in education, healthcare, and other public services, the Party and the state have always taken the people's aspirations for a better life as their ultimate goal. This is also why China has never made "major power competition" its guiding principle but has emphasized "focusing on doing our own work well." This development logic has not only improved people's living standards but also inspired the enthusiasm and creativity of the entire population, enabling China to maintain a rare strategic resolve to move in the right direction amid a complex and ever-changing international landscape.

China is a country with strong execution capabilities - once a goal is set, every effort is made to achieve it, making China's development highly predictable. This year's government work report mentions "reform" more than 40 times. It also stresses that "policies should be introduced and implemented as soon as possible - it is better to act early than late, as this will buy valuable time for addressing any uncertainties that may arise." It highlights a spirit of urgency and striving for progress, emphasizing a clear direction of facing challenges head-on and striving for achievement. The resilience and potential of China's economy continue to strengthen through deepening reforms and expanding opening-up, consistently releasing dividends to the world.

The world looks forward to hearing more good news from China's development. China's economy is stabilizing in its "form" and rising in its "momentum," providing more possibilities for win-win cooperation in global governance. In the latest edition of the World Economic Outlook report, the International Monetary Fund has raised its growth forecasts for China's economy in 2025 and 2026. Pierre-Olivier Gourinchas, IMF's chief economist, referred to China's 2024 performance as a "positive surprise." China's solid and sustained progress on the path of high-quality development is not only a success for China itself but also a contribution to global shared prosperity.

The 5 percent growth target is not only a pragmatic and scientific judgment but also a progressive declaration. Behind this figure lies the aspiration of over 1.4 billion Chinese people for a better life, the confidence supported by a complete industrial system, the profound foundation accumulated through reform and opening-up, and a concentrated embodiment of the advantages of the Party's leadership and the socialist system. In the context of increasing global economic uncertainty, China's economy is navigating steadily and sustainably through a complex environment, which represents an important positive asset for the international community.

SOURCE Global Times