China’s economy is on track to grow approximately 5% in 2024, President Xi Jinping revealed during a New Year’s reception hosted by the Chinese People’s Political Consultative Conference (CPPCC). Despite domestic and international hurdles, Xi highlighted that China has successfully achieved its key socio-economic targets for the year.
Looking ahead, Xi pledged proactive measures to bolster economic growth in 2025, prioritizing reforms, opening up markets, and balancing development with security.
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Economic Recovery Amid Challenges
This year’s growth aligns with the government’s earlier targets, but it hasn’t come easy. China has faced significant challenges, including the lingering effects of the COVID-19 pandemic. Authorities responded with stimulus measures beginning in September, and more are expected to:
China sees slowest economic growth in over a year with 4.6% GDP in third quarter
- Boost consumption
- Revive the property market
- Restore business confidence
- Address demographic challenges
Xi emphasized that strategic focus is essential as the nation tackles economic headwinds and geopolitical uncertainty, including a shifting relationship with the United States under Donald Trump’s second presidential term.
Xi’s Vision for 2025: Economic Growth and Stability
In his address, Xi called for unwavering efforts to grow the economy and maintain social stability in 2025. This year will mark the conclusion of China’s 14th Five-Year Plan and lay the groundwork for the next phase of development.
“China will deepen reform, expand opening up, and coordinate development with security,” Xi stated, signaling a commitment to long-term economic resilience.
Strengthening Global Partnerships
Earlier the same day, Xi sent a festive greeting to Russian President Vladimir Putin, pledging to promote global peace and continue along the Chinese path to modernization. He expressed confidence that China-Russia cooperation would bring new opportunities.
Putin reciprocated the sentiment, affirming Russia’s commitment to strengthening ties under multilateral frameworks such as:
- The United Nations
- BRICS
- The Shanghai Cooperation Organisation
- G20
Navigating Geopolitical Challenges
China’s economic and trade relationships continue to face strain from global powers:
- United States: Trump has proposed a 60% tariff on all Chinese imports, escalating tensions between the two largest economies.
- European Union: The EU introduced duties on major Chinese electric vehicle makers in October, citing alleged subsidies. China retaliated by investigating European pork and dairy exports.
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The EU also sanctioned Chinese entities, alleging they are linked to Russia’s aggression against Ukraine—claims that Beijing has consistently denied.
What’s Next for China’s Economy?
China’s leadership is determined to navigate these challenges while setting the stage for long-term growth. Xi’s call for reform, innovation, and international cooperation underscores the nation’s commitment to maintaining its global economic influence.
With strategic measures in place and strong international partnerships, China aims to not only overcome current obstacles but also position itself as a resilient force on the global stage.
Stay tuned for updates on China’s economic initiatives, trade policies, and partnerships shaping the future of the global economy.
