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China sets GDP growth target of 5% for 2025 amid global economic uncertainty

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China has set an economic growth target for 2025, aiming for a GDP growth rate of around 5%, following a successful export boom that pushed their trade surplus to $1 trillion. Premier Li Qiang has warned of significant changes unfolding globally, highlighting the risk to China's economic growth.

    1. The majority of private enterprises and private entrepreneurs should be full of passion for entrepreneurship and serving the country.
    1. Changes unseen in a century are unfolding across the world at a faster pace.
    2. An increasingly complex and severe external environment may exert a greater impact on China in areas such as trade, science, and technology.
    1. Despite the record expansion of renewables, an inconvenient truth is that China's economy hasn't become much more energy efficient in recent years … As policymakers continue to look for new drivers of growth, they shouldn't forget the need for a new mode of growth that is less dependent on energy.
    1. That's been super-successful in boosting spending on those types of goods.
    1. For the first time, boosting consumption has been elevated to the top priority among 2025's major tasks, displacing technology from its usual leading position.
    1. Further expanding the trade surplus is no longer a good strategy, so we need to rely on internal demand for growth.
    1. It will be impossible for China to narrow the gap with the United States entirely on its own.
    2. The technological gap between China and the United States is still very large.
    1. The United States needs to realize fully that China's strength in manufacturing, trade partners and so on, comparative to the United States, is not like that of the Soviet Union during the Cold War.
    2. China cannot accept — and has the ability and confidence to reject — Trump's extreme pressure.
China sets GDP growth target of 5% for 2025 amid global economic uncertainty