Commentary: China's 2025 economic growth target demonstrates resolve, confidence

BEIJING, March 5 (Xinhua) -- China's 2025 GDP growth target of around 5 percent, alongside the measures the country will implement to meet this goal, demonstrates its confidence and prowess in securing new achievements in high-quality development.

The world's second-largest economy will sustain its encouraging momentum and remain a key anchor in an uncertain global economic landscape.

Taking all factors into account, the target of around 5 percent is practical, underscoring China's resolve to meet difficulties head-on and strive hard to deliver. It is well aligned with the country's mid- and long-term development goals. Meeting this year's goal is expected to ensure a success of the 14th Five-Year Plan (2021-2025), while laying a solid foundation for the next five years.

Growth will be underpinned by measures such as launching special initiatives to boost consumption, issuing more ultra-long special treasury bonds, allocating a greater share of science and technology expenditures to basic research, and developing new quality productive forces -- as mentioned in the government work report submitted Wednesday to the national legislature for deliberation.

A more proactive fiscal policy and a moderately loose monetary policy adopted this year will promote structural adjustment and bolster economic growth. A booming landscape in fields including artificial intelligence, robotics, new energy and smart manufacturing will unlock the long-term potential of high-quality development.

China's consistent and significant reform efforts will further facilitate market access and level the playing field. Institutional reform measures related to the construction of a unified national market, as well as policy measures to promote the private sector's development, will unleash new market vitality.

China's development is inseparable from its unwavering push to open up to the outside world. The country will steadily expand institutional opening up, take the initiative to open wider, and advance unilateral opening up. The Chinese market is never short of opportunities for shared progress and prosperity.

China's ability to weather headwinds and maintain long-term economic growth stems from its distinctive institutional strengths and many advantages, including an enormous market, a complete industrial system, a wealth of manpower and talent, and effective governance mechanisms such as long-term plans. The country has vast space for further growth through demand upgrades, structural improvements, and a shift to new growth drivers.

With its strengths, potential, and ample support measures, the Chinese economy will continue to defy skepticism and deliver certainty for itself and the world.