Deputies to the 14th National People's Congress (NPC), including government officials and business leaders, shared their insights on Tuesday about the key drivers of China's economic growth.
According to the new Government Work Report, China is aiming for an economic growth rate of around five percent in 2025.
In interviews on the sidelines of the closing meeting of the third session of the 14th NPC in Beijing, the NPC deputies shared their views on the major measures and key sectors outlined in the government report to achieve China's economic goals for this year.
"The report outlined key measures to boost consumption and foreign trade investment, which are highly beneficial for the development of businesses. The government also offers businesses strong support for technological innovation, encouraging institutional innovation within enterprises," said Jia Shaoqian, an NPC deputy and chairman of Hisense Group, a China-based appliance and electronics manufacturer.
"The private sector is the backbone of economic growth, job creation, and innovation. In the global market, our competitiveness depends on the vitality and creativity of private enterprises. In fact, strengthening support for this sector is crucial to enhancing China's long-term international competitiveness," said NPC deputy Liu Hanyuan, also chairman of Tongwei Group, a private solar panel manufacturer.
"Active fiscal policies and a moderately loose monetary policy will be crucial. With these measures in place, especially expanding effective investment and boosting consumer demand, I believe the five percent growth target is within reach," said Huang Wei, an NPC deputy and mayor of Zunyi in southwest China's Guizhou Province.
"China is at a critical stage of development. Given the complex external environment, we must focus on fostering new quality productive forces to drive growth. The key now is to implement the policies outlined in the Central Economic Work Conference and the measures in the premier's report," said NPC deputy Huang Junhua, vice chairman of the Guangxi Zhuang Autonomous Regional Committee of the Chinese People's Political Consultative Conference.
NPC deputies on key drivers behind China’s economic growth
China's stock market demonstrated robust performance in 2025 with new records in various sectors.
Against the backdrop of global liquidity easing and evolving industrial policies, the A-share market experienced a landmark year. Multiple key metrics - including total market capitalization, trading volume, as well as margin trading and short selling balances - achieved historic breakthroughs, demonstrating remarkable vitality and resilience.
In terms of overall performance, as of Dec. 31, 2025, the total market capitalization of A-shares reached approximately 118.91 trillion yuan, marking a net increase of 25.30 trillion yuan from the year's opening level of 93.61 trillion yuan. This represents a growth rate of 27.03 percent, according to data from financial information provider Wind.
In 2025, major A-share indices extended their annual gains compared to 2024.
On Dec. 31, 2025, the Shanghai Composite Index stood at 3,968.84 points, marking an annual increase of 18.41 percent - the largest annual gain since 2020. The Shenzhen Component Index rose 29.87 percent for the year, while the ChiNext Index surged 49.57 percent. The Beijing Stock Exchange 50 Index recorded an annual gain of 38.80 percent, while the STAR Market 50 Index rose 35.92 percent for the year.
As major indices rose, market trading activity intensified. Throughout 2025, the A-share market recorded a total trading value of approximately 420 trillion yuan, marking a growth of over 60 percent compared to the previous year and nearly doubling the 2023 annual value. It also marked the first time in history that the annual trading value surpassed the 400 trillion yuan threshold.
The margin trading and short selling scale in the A-share market expanded rapidly in 2025. As of the year end, the outstanding margin trading and short selling balance in the A-share market increased by 690.7 billion yuan during the year to reach 2.5 trillion yuan, setting a new historical high.
Notably, the growth in the balance was primarily driven by the increase in the financing balance. Although the short selling balance also increased in 2025, its cumulative growth for the year was less than 10 billion yuan, with the absolute value of the short selling balance remaining at a low level in recent years.
As market sentiment continued to heat up, major sectors in the A-share market saw increases. Key industry sectors rose to varying degrees, with over half posting annual increases exceeding 30 percent.
Boosted by sharp rises in precious metal prices, the nonferrous metals sector delivered standout performance throughout 2025. Defense and military, telecommunications, machinery and equipment, automotive, power equipment, and electronics sectors also ranked among the top annual gainers. Sectors like food and beverages, coal, and banking showed relatively weaker annual performance but still managed modest gains.
Against the backdrop of a broad market rally, individual stocks also rose, with many delivering standout performances. Data indicates that over 4,200 A-shares saw price increases in 2025, accounting for more than three-quarters of the total. Specifically, after excluding newly listed stocks, over 500 A-shares still doubled in value, with more than 100 stocks achieving annual gains exceeding 200 percent.
China's stock market demonstrates strong performance with multiple new records in 2025
