China's economic target and measures outlined in the 2025 government work report present a viable pathway to enhance the country's market stability and stimulate production growth, according to global experts.
The government work report was delivered by Premier Li Qiang on March 5 to the annual session of the National People's Congress for deliberation. It was approved on March 11.
In the report, China has set an economic growth target of around 5 percent for 2025, reflecting a sound economic outlook despite increasing global uncertainties.
Tahir Farooq, Vice President of the Council of Pakistan Newspaper Editors, noted that the 5-percent target reflects a combination of realism and optimism.
"China's decision to set a 2025 GDP growth target of five percent, in my opinion, is very realistic and a well-thought approach, but also its confidence in the economic model, despite global economic uncertainties. China is taking proactive and strategic measures to ensure sustained economic growth and momentum," he said.
Denis Depoux, Global Managing Director of the global strategy consulting firm Roland Berger, applauded China's economic policies, noting that they play a significant role in ensuring market stability and attractiveness.
"China has been such a great market for foreign companies, European or American, for so many years, because it's a big market, it's a profitable market, it's a growing market. So these three characteristics were making it the sort of golden land for many companies. I think having a pretty stable framework of policy is a good thing. So I think foreign companies expect stability. It's important simply because the Chinese market remains attractive. The Chinese supply chain, which is increasingly integrated in Asia, remains very, very critical for many companies, and that will not change overnight," he said.
The report also outlines an array of key development goals for this year, including a surveyed urban unemployment rate of around 5.5 percent, over 12 million new urban jobs, and an around 2-percent increase in the consumer price index.
Fostering high-quality development is a key focus on this year's government agenda as well, with priorities ranging from stimulating domestic demand to developing new quality productive forces.
Radhika Desai, a professor in the Political Studies Department at the University of Manitoba and visiting professor in the International Development Department at the London School of Economics and Political Science, lauded China's efforts to boost technological development while reducing inequality.
"In this year's work report, they have emphasized two other things that I think are critically important for China's growth potential. The first is to essentially continue the emphasis on new productive forces. The development of new technologies, and this year in particular, I'd like to emphasize that they have added the term patient capital to the factors that are going to facilitate this technological development. And I think this is very important because one big secret of China's success lies in the fact that it has a financial system that is geared to productive expansion. And along with that, the continuing emphasis on reducing inequality, developing the rural areas both in regional inequality and social inequality, I think all of this will create a big, sound demand base for China's continuing growth," she said.
China's economic measures to promote market stability, productivity expansion: global experts
