9 takeaways from the economic briefing at China’s ‘two sessions’
The heads of China’s top economic, commerce and financial bodies laid out their plans for 2025 at a joint press conference in Beijing
China’s top economic officials laid out their priorities for 2025 during a joint press conference on Thursday as part of the “two sessions”, the annual meeting of China’s top legislative and consultative bodies.
The heads of the National Development and Reform Commission (NDRC) – China’s main economic planning body – the ministries of finance and commerce, China’s central bank and its securities regulator were all in attendance.
Here are the key takeaways from the briefing:
1. China ‘confident’ of hitting GDP target
Although some sectors face challenges, emerging industries are growing strongly, Zheng said. “New industries and business modes” now account for 18 per cent of China’s economy, he pointed out. The government will also set up a “guidance fund” to promote the transformation and upgrading of industries.
2. China does not want a trade war – but will not back down
Commerce minister Wang Wentao acknowledged that Chinese exports faced severe challenges, and said the government was taking action to stabilise foreign trade, such as by helping cross-border e-commerce businesses invest in overseas warehouses.