According to the head of the state planner, China’s economy will grow by more than 140 trillion yuan (USD 19.5 trillion) this year as decision-makers try to guide the nation past the current five-year policy plan, which ends at the end of 2025.
The second-largest economy in the world is battling ongoing deflationary pressures and a protracted trade war with the United States.
At a press conference, National Development and Reform Commission chair Zheng Shanjie stated, “Looking back at the 14th five-year plan period, the challenges encountered were greater than expected, but the achievements exceeded expectations.”
“The 2021–2025 five-year plan, which emphasises important priorities like economic development, technological innovation, green transformation, and improvements in people’s livelihoods, has seen significant progress,” Zheng noted.
China has been setting annual growth targets throughout the plan period, with the goal for 2025 set at about 5%. The country dropped a specific gross domestic product (GDP) growth target for 2021–2025 in its 14th five-year plan, which was released in 2021. Official data showed that, despite the effects of COVID-19, the economy grew at an average annual pace of 53.4% between 2021 and 2024.
China’s manufacturing sector is the biggest and most comprehensive in the world, Zheng said, bolstering the nation’s supply and industrial chains and increasing confidence in its capacity to manage a range of risks and difficulties.
Zheng went on to say that limiting foreign technology would only make China more independent and creative. Chinese leaders are currently soliciting proposals for the 15th five-year plan, which will set national priorities through 2030, but officials at the briefing did not provide any details.
Amid trade tensions and deflation, Chinese government advisers are intensifying calls for Beijing’s next five-year policy plan to prioritise the household sector’s contribution to overall economic growth.
Meanwhile, China has a new policy that is exciting and is increasing its efforts to revive its tourism sector. In an effort to increase the country’s accessibility for foreign visitors, China has extended its visa-free entry policy. In a significant change to the nation’s travel laws, citizens of 75 countries can now enter China for up to 30 days without a visa, facilitating visitors’ exploration of this dynamic location.