Beijing: The Government of China has inaugurated its 2025 economic roadmap centered on bolstering five per cent GDP growth, innovation, and investment.
According to News Agency of Nigeria, the roadmap is centered on boosting consumption, innovation and technology, fiscal and monetary policy implementation, as well as market reform. China’s Premier Li Qiang disclosed this during the virtual presentation of the Chinese government work report against the backdrop of the third session of the 14th National People’s Congress (NPC) in Beijing, China.
He stated that the focus of the roadmap was fiscal expansion, technological innovation, and foreign investment, outlining a comprehensive approach aimed at sustaining the country’s economic growth amid global uncertainties. Li emphasized the expanded fiscal policy with the deficit-to-GDP ratio set at four per cent, marking a notable increase from the previous year. The plan also includes issuing 1.3 trillion yuan in ultra-long special treasury bonds and 4.4 trillion yuan in local government special-purpose bonds to support economic stimulus.
Tian Xuan, Deputy to the 14th NPC and Associate Dean at PBC School of Finance, Tsinghua University, explained the significance of the initiative, highlighting that expanding domestic demand is a priority among ten key tasks outlined in the report. According to Tian, the dedicated 300 billion yuan for trade-in programmes will stimulate consumption, drive transformation, and upgrade consumption patterns.
Chan Chun-ying, Hong Kong’s Deputy to the NPC and Advisor at Bank of China Hong Kong Ltd, expressed confidence in the economic target. He noted that China had consistently sustained medium-to-high-speed economic growth, maintaining a five per cent growth rate, which boosts confidence both domestically and internationally.
The roadmap also prioritizes technological advancements in biomanufacturing, quantum computing, embodied AI, and 6G. The AI Plus initiative aims to integrate digital technologies with manufacturing strengths, supporting extensive application of large-scale AI models, development of next-generation intelligent terminals, and smart manufacturing equipment.
Erik Solheim, former UN Under-Secretary-General and former Executive Director of the UN Environment Programme, described the roadmap as China’s commitment to stabilizing foreign trade and advancing Belt and Road cooperation. He highlighted that with an expected economic growth of five per cent for 2025, China will continue to be a significant source of global economic growth.
High points of the event included remarks by Patrick Nijs, co-founder of the EU-China Joint Innovation Centre, and Bernardo Mendia, Board Advisor at the EU Young Entrepreneurs Association.