China confident of hitting growth rate

China's economic growth target of around 5 percent this year is in line with the country's situation and the laws of economic development, and China is fully confident of achieving this target, said the group that drafted this year's Government Work Report on Wednesday.

While achieving this goal will not be an easy task and requires very hard work, the growth target is achievable, said Shen Danyang, head of the group that drafted the report and director of the Research Office of the State Council, who elaborated on the key points of the document after its release.

"The economic growth target of around 5 percent this year has been set through repeated research and demonstration. The setting of goals takes into account both domestic and international situations and various other factors," Shen said at a news conference in Beijing.

This goal may be higher than the predictions of some foreign institutions, though it should be noted that any economic forecast is a deduction under assumed conditions, and the forecast results often change with environmental conditions, macroeconomic policies and the measures of reform, Shen added.

From China's development progress and the experiences of other countries, whether an economic growth target can be achieved depends on the development trend, capabilities and supporting policies. Taking into account these factors, China is confident of achieving this year's growth target, Shen said.

Quan Heng, a deputy to the 14th National People's Congress and Party secretary of the Shanghai Academy of Social Sciences, said the growth target is expected to enhance social confidence and promote long-term economic growth in China, and it meets the intrinsic requirements of high-quality development of the country.

The trend of sustained economic recovery and growth in China is still being consolidated. Despite facing some international uncertainties, since the introduction of a package of incremental policies in September, the economy has been boosted effectively.

In 2024, China's GDP surpassed 130 trillion yuan ($17.9 trillion) for the first time, growing 5 percent year-on-year. The growth rate in the second, third and fourth quarters of last year was 4.7 percent, 4.6 percent and 5.4 percent, respectively, data from the National Bureau of Statistics showed.

In the past few years, emerging industries and new driving forces of the economy have developed rapidly, and a number of industries, such as new energy vehicles, photovoltaic sector, and shipbuilding, have reached a leading level globally. Besides, the explosive growth of the sectors related to artificial intelligence is driving China's economic growth with a strong new engine, Shen said.

Some previous economic downturn factors such as the real estate sector are also showing positive changes, and this year's report mentioned stabilizing the real estate and stock markets for the first time, Shen said.

He noted that the package of incremental policies is continuing to play a positive role. Combined with more proactive macroeconomic policies planned this year, it is bound to provide strong policy support for economic growth.