BEIJING: Chinese President Xi Jinping said Wednesday that the country’s economy is expected to have grown “around five percent” in 2025, despite “pressure” during a year he described as “very unusual”, state media said.The announcement came in a New Year’s Eve speech by Xi to a top political consultative body, reported by state news agency Xinhua.
Such an annual expansion would be in line with the official government target and on par with the five percent growth recorded in 2024.The world’s second-largest economy has come under increasing pressure in recent years, with consumer sentiment having so far failed to recover from a pandemic-induced plunge.A persistent debt crisis in the property sector, industrial overcapacity and heightened trade conflict with Washington have also darkened the outlook.”We faced challenges head-on and strived diligently, successfully achieving the main goals of economic and social development,” Xi said in his remarks to the Chinese People’s Political Consultative Conference, Xinhua reported.”The growth rate is expected to reach around five percent,” he said. He added that “overall social stability was maintained” and an anti-corruption drive was “relentlessly pursued”, according to the report.Experts widely expect Beijing to announce a similar economic growth target for 2026 at a major annual political gathering in early March.Data released Wednesday offered a positive sign for policymakers, with factory activity in December inching into expansionary territory to snap an eight-month streak of contraction.