Beijing is facing strong economic hurdles, including an ongoing real estate debt crisis, stubbornly low consumer demand and stagnant youth employment.
China is aiming for economic growth of around 5% in 2025, maintaining its target similar to a year ago despite an escalating trade war with the US.
Beijing faces strong economic hurdles, including an ongoing real estate debt crisis, stubbornly low consumer demand and stagnant youth employment. The target will be formally announced in hours by Chinese Premier Li Qiang in a speech at the opening of the parliamentary session of the National People's Congress, along with a pledge to create 12 million new jobs in Chinese cities and to achieve two percent inflation in 2025.
The world's second-largest economy is struggling to regain its footing after the pandemic as domestic consumption declines and a lingering debt crisis in the huge real estate sector drags on.
Adding to the obstacles is US President Donald Trump, who this week imposed more tariffs on Chinese imports after a similar move last month.
The U.S. duties are expected to affect hundreds of billions of dollars in total trade between the world's two largest economies. | BGNES, AFP