Looking ahead to 2025, the Chinese president has warned that the government will continue stimulus measures and reiterated the need to adopt more proactive policies to counter any impact of possible tariff increases by the United States.
Chinese President Xi Jinping announced on Tuesday that the country will achieve its GDP growth target of 5% in 2024, warning that the world's second-largest economy is on track to generate "stability," according to local media consulted by Europa Press .
Although the final data will not be known until the end of January, the Chinese leader puts an end to the uncertainty generated in the markets by the country's macroeconomic situation after the implementation of new stimulus measures at the end of summer, which have aimed to reverse the apathy in domestic consumption and the crisis in exports and imports that the country has been facing in recent months. The market estimates that the economy of the Asian giant will grow by 4.8% at the end of the year.
Looking ahead to 2025, Xi has warned that the Beijing government will continue to implement stimulus measures and reiterated before the country's top political advisory body the need to adopt more proactive policies to counter any impact of possible tariff increases by the United States with the upcoming arrival of Republican Donald Trump to the Oval Office of the White House.
Although the official growth target for next year will not be set until March, when the annual legislative sessions are held, Chinese leaders estimate that the annual growth rate will again be around 5%, above analysts' forecasts.
Given that the Chinese economy is expected to remain weak in domestic demand and that deflation in the country is likely to become persistent, political leaders have already indicated that they are willing to increase public debt and spending, as well as to implement a relaxation of monetary policy towards a "moderately lax" one.
In fact, in this direction, the governor of the People's Bank of China (PBOC), Pan Gongsheng, stated in October that the central bank was considering a reduction in the required reserve ratio of between 25 and 50 basis points, depending on liquidity conditions, in order to stabilise the yuan.
Focusing on diplomatic relations with Russia, Xi Jinping addressed Russian President Vladimir Putin in his New Year's message, saying that Beijing will promote global peace and adhere to the Chinese path toward modernization.
"I believe that new opportunities will emerge from different perspectives in China-Russia cooperation," he said.
