China's GDP on track to reach around 140 trillion yuan within 2025: official

China's economy is on its course to reach another milestone with the GDP expected to hit around 140 trillion yuan (about 19.65 trillion in U.S. dollars) within the year, an official revealed at a press conference in Beijing on Friday.

Jiang Jinquan, director of the Policy Research Office of the Communist Party of China (CPC) Central Committee, highlighted the steady GDP growth when briefing the media on the achievements made in the nation's 14th Five-Year Plan period (2021-2025).

Over the past five years, the economy has steadily advanced and China's high-quality development has solidly progressed, according to the Party official.

"China's growth rate continues to lead among the world's major economies. This year's GDP is expected to reach roughly 140 trillion yuan, having successively crossed the 110, 120 and 130 trillion yuan thresholds. Our per-capita GDP has surpassed the global average. China remains a major engine and driving force of world economic growth," Jiang said.

Jiang also noted continuous development of new quality productive forces and abundant results in the area of science, technology and innovation.

"Both total research and development spending and the share devoted to basic research have hit record highs. China now has more than 500,000 high-tech enterprises and hosts 26 of the world's top 100 science and technology clusters - the largest share worldwide," he said.

Meanwhile, reform has been deepened across the board, and high-standard opening-up has continuously expanded, as Jiang pointed out.

"Institutional barriers hindering high-quality development are being dismantled step by step. A new, higher-level system of open economy is taking shape at an accelerated pace, high-quality Belt and Road cooperation is deepening and making sustained progress, the development of free-trade zones is accelerating, creating fresh opportunities and greater space for economic and social development. China is a firm supporter and driver of economic globalization," he said.

China's GDP on track to reach around 140 trillion yuan within 2025: official

Commerce Ministry spokesman He Yadong on Thursday urged the European Union (EU) to join hands with China in promoting the sound development of bilateral economic and trade ties.

Commenting on a possible trade agreement between the two sides following German delegations' recent visits to China at a press briefing in Beijing, He said China has always held an opening attitude toward trade ties with the EU.

"China and the EU are important economic and trade partners. Over the years, their cooperation has been built on a solid foundation, with strong growth momentum and deeply interwoven supply and industrial chains, forming a pattern of complementary strengths and mutual benefit. China has always maintained an open attitude toward bilateral trade arrangements with the EU and welcomes relevant proposals from European leaders," the spokesman said.

He underscored China's openness to deeper cooperation, but also cautioned that recent EU practices have posed challenges for Chinese enterprises.

"However, the EU has employed various trade tools including investigation to restrict Chinese enterprises over the recent years. We hope the EU will listen more to the voices of its member states and industries, abandon protectionist practices, and work with China in the same direction, replacing barriers with openness and cooperation, resolving frictions through dialogue and consultation, and jointly promoting the sound development of China-EU economic and trade relations," He said.

Chinese ministry of commerce urges EU to work with China for sound trade growth