China has set a GDP growth target of around 5% for 2025, announced by Premier Li Qiang during the National People's Congress. The government plans to enhance domestic demand and create 12 million urban jobs. However, economists warn this goal may be difficult to achieve due to an escalating trade war with the US, including increased tariffs. Details on stimulating consumer spending remain unclear, besides a pledge for special treasury bonds to support domestic trade-in programs for household appliances. Enhancing stimulus measures is seen as crucial to meet growth projections despite current challenges.
Li announced the growth target in the annual government work report, which also outlined plans to stabilize economic growth by boosting domestic demand and creating 12m new urban jobs.
China's challenges in 2025 include managing the effects of the US-China trade war, with increased tariffs making economic boosts through trade more difficult.
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