BEIJING, Mar 6: China is fully confident in achieving the economic growth target of around 5 percent this year as there is solid foundation, strong support and sufficient guarantees, Zheng Shanjie, head of the National Development and Reform Commission, the country’s top economic planner, said on Thursday.
Zheng made the remarks during a press conference during the third session of the 14th National People’s Congress in Beijing.
Zheng emphasized that the target of around 5 percent was set after comprehensive analysis, scientific evaluation, and careful consideration. Reflecting on the past year, he noted that China’s economy demonstrated remarkable resilience and successfully met its major economic and social development targets despite numerous challenges.
In 2024, China’s annual GDP reached nearly 135 trillion yuan ($18.6 trillion), contributing approximately 30 percent to global economic growth. Zheng highlighted the growing role of new and high-tech sectors as a defining feature of the Chinese economy.
According to Zheng, the added value of China’s “three new” economies – new industries, new business models, and new forms of commerce – accounted for over 18 percent of its GDP, further increasing its share. Meanwhile, high-tech manufacturing saw robust growth, with its added value rising by 8.9 percent, significantly outpacing the average growth rate of industrial enterprises above designated size.
Zheng also talked about the significant achievements in key industries. The production of new energy vehicles exceeded 13 million units, representing more than 60 percent of the global production. Integrated circuit production grew rapidly, with exports surpassing 1.1 trillion yuan, reaching a record high. National R&D expenditure exceeded 3.6 trillion yuan, marking an 8.3-percent year-on-year increase.
Additionally, the private sector continued to show strong vitality, with its share of exports reaching 64.7 percent, up 1.4 percentage points from the previous year, Zheng said.
He added that breakthroughs were also achieved in core technologies within strategic emerging and future industries, including integrated circuits, artificial intelligence, aerospace, biopharmaceuticals, marine engineering, and new materials.
“These sectors are developing rapidly, accelerating the formation of new growth drivers and making the long-term positive trend of the economy even more evident,” said Zheng.
