On March 5, 2025, the State Council Information Office holds a press briefing in Beijing about the Report on the Work of the Government. [Photo by Liu Jian/China SCIO]

China targets an economic growth rate of around 5% in 2025, according to a government work report submitted Wednesday to the national legislature for deliberation. Shen Danyang, head of the report drafting team, expressed strong confidence in China achieving its target at a press briefing Wednesday.

Shen, also director of the State Council Research Office, said this confidence comes from the country's sustained economic recovery, significant development potential, and robust policy measures. 

China's economy has shown robust recovery since a series of incremental policies were introduced in September last year, he said. The economy grew by 4.7% in the second quarter of 2024, 4.6% in the third quarter, and surged to 5.4% in the fourth quarter, achieving an annual growth rate of about 5%.

Shen Danyang, head of the government work report drafting team and director of the State Council Research Office, attends a press briefing in Beijing, March 5, 2025. [Photo by Luan Haijun/China SCIO]

Shen said that the positive momentum has carried into 2025, citing the rapid expansion of high-tech industries led by artificial intelligence and booming cultural and tourism sectors, especially during the Spring Festival, where spending exceeded expectations. Key indicators such as the purchasing managers' index for the manufacturing sector, real estate sales, and container throughput also pointed to steady progress in economic performance.

New energy vehicles come off the assembly line at a smart factory of Changan Auto in Chongqing, southwestern China, Jan. 9, 2025. [Photo/Xinhua]

Shen also pointed out that China possesses favorable conditions for economic development. Emerging industries and growth drivers, such as new energy vehicles, photovoltaics, and shipbuilding, have achieved global leadership. The rapid expansion of AI-related industries is providing new engines for economic growth. The previous drag from the real estate sector is diminishing, and further reforms will stimulate economic vitality, he said. 

In addition, he underscored the strong policy backing for the growth target. The comprehensive set of incremental and existing policies continues to bear fruit, while this year's more proactive and effective macroeconomic policies are expected to provide significant support. He also said that the government retains flexibility in its macroeconomic policies, with room to adjust measures dynamically based on evolving situations.

"In summary, the 5% growth target set for this year is in line with China's realities and the laws of economic development, and it is achievable," he said.