China's economy has outperformed expectations and the country has remained the largest driver of global economic growth, said a senior Chinese economic official at the 2025-2026 Annual Conference on China's Economy held in Beijing on Saturday.
The conference, organized by the China Center for International Economic Exchanges (CCIEE), focused on implementing the spirit of the Central Economic Work Conference, which was held in Beijing from Wednesday to Thursday as Chinese leaders decided priorities for the economic work in 2026.
Officials attending the annual conference described this year as one of particular significance and complexity in advancing Chinese modernization, adding that said China is on track to meet its major economic and social development targets, with the 14th Five-Year Plan drawing to a successful conclusion.
They also noted that international institutions, including the International Monetary Fund (IMF) and Goldman Sachs, have recently raised their growth forecasts for China for this and next year.
The IMF on Wednesday raised its forecast for China's economic growth in 2025 to 5 percent year on year, up by 0.2 percentage points from its previous estimate in October, and projected China's economy to grow by 4.5 percent in 2026, an increase of 0.3 percentage points from the October prediction.
Goldman Sachs in late November raised its China GDP growth forecast to 4.8 percent for 2026, after seeing "China's surprising strength in exports and its commitment to more advanced manufacturing in a new Five-Year Plan".
"Over the past year, China's economy has moved forward under pressure, advancing toward higher-quality and innovation-driven growth, and demonstrating strong resilience and vitality. Major economic indicators have outperformed expectations. Many institutions forecast economic growth of around 5 percent for the full year, and China remains the largest driver of global economic growth," said Han Wenxiu, executive deputy director of the Office of Central Committee for Financial and Economic Affairs.
Officials also said China will stay committed to opening up next year and deepen win-win cooperation across sectors by expanding exports and imports, as it works to ensure the sustainable growth of foreign trade.
"Opening-up is a defining feature of Chinese modernization. China will steadily expand institutional opening-up, further open its services sector in an orderly manner, and optimize the layout and scope of pilot free trade zones. In 2025, China's foreign trade demonstrated strong resilience and achieved growth despite headwinds. Looking ahead to next year, China will encourage and support exports of services, actively develop digital trade and green trade, expand exports while increasing imports, and promote the sustainable development of foreign trade," said Han.
China's total economic output for the year is expected to reach around 140 trillion yuan (about 19.8 trillion U.S. dollars), said Han.
China remains largest driver of world economic growth: official
