According to the government work report delivered by Premier Li Qiang on March 5, 2025, at the opening of the third session of the 14th National People's Congress in Beijing, China's Gross Domestic Product (GDP) reached 134.9 trillion yuan (approximately $18.77 trillion) in 2024, marking a 5% year-on-year growth. The country also created 12.56 million new urban jobs, maintaining a surveyed urban unemployment rate of 5.1%. The Consumer Price Index (CPI) saw a modest increase of 0.2%, indicating stable inflation. Additionally, China's foreign exchange reserves remained robust, exceeding $3.2 trillion.
Notably, the high-tech manufacturing sector experienced significant growth, with an 8.9% increase in added value. Meanwhile, the production of new energy vehicles surpassed 13 million units, underscoring China's commitment to sustainable development and technological innovation.
Looking ahead to 2025, China has set a GDP growth target of around 5%, reflecting the government's confidence and determination to achieve high-quality development. To achieve this goal, the fiscal deficit-to-GDP ratio is set to be at a record-high 4%, up from 3% in 2024. The elevated deficit is intended to fund stimulus measures aimed at boosting domestic consumption and countering external economic challenges. The government also plans to issue 4.4 trillion yuan in local government special-purpose bonds, an increase of 500 billion yuan from the previous year, to fund key infrastructure projects and bolster economic activity.
Emphasizing innovation, the report also outlines initiatives to accelerate artificial intelligence development, expand production of domestically made aircraft, and promote intelligent connected new energy vehicles.
Reporter | Zeng Xiangxing, Guo Chuhua
Poster | Cai Junru
Editor | Ouyang Yan, Hu Nan, James, Shen He
