China’s Gross Domestic Product is expected to increase by 5% in 2025, with consumer prices rising by about 2%, said Premier Li Qiang of the State Council.
The National People’s Congress and Chinese People’s Political Consultative Conference (Two Sessions) opened on Tuesday morning amid concerns around economic policies in mainland China. Premier Li, delivering the government’s work report at the meeting, said GDP is expected to increase by 5% this year, taking into account the domestic situation and various other factors.
“This target is not only for stabilizing employment and preventing risks, but also for the benefit of peoples’ livelihood,” he said, adding that the growth potential of the mainland economy this year is supported by favorable conditions.
In addition to GDP growth, he also expects the national urban survey unemployment rate to be around 5.5% this year, with more than 12 million people newly employed in cities and towns and the consumer price inflation rate to be around 2%.
Li also pointed out that a more proactive fiscal policy will be implemented this year, with a deficit rate of around 4% and a deficit of RMB 5.66 trillion. He said a moderately loose monetary policy will be implemented, and the benchmark and interest rate will be lowered in a timely manner.
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