Amid worsening trade tensions with the US, China has pledged to achieve an economic growth target of 5% by 2025, stating it will implement proactive macroeconomic policies.
China's Economic Goals and Measures
Finance Minister Lan Fo’an said in Washington that China would roll out 'more proactive and effective macro policies' to reach its targets. The economy grew 5.4% last quarter, attributed to consumer subsidies and a surge in exports before new US tariffs took effect.
Critique of Trade Protectionism
Lan criticized the rise of trade protectionism and called on global institutions to defend free trade rules. He remarked that China would remain open to international markets despite growing barriers. People's Bank of China Governor Pan Gongsheng also supported this stance, citing weak global economic conditions partly due to US tariff policies.
Cooperation with International Financial Institutions
At World Bank meetings, Lan emphasized the importance of effectively utilizing resources to support private sector growth in critical sectors. He urged a reduction in trade protectionism, which he claimed threatens global poverty reduction efforts. Lan added that China intends to continue reforms and is open to cooperation with developing nations.
China demonstrates its determination to achieve economic goals despite external challenges and criticism. Key aspects will include effective policy implementation and continued cooperation with international financial institutions.
