China sets target of 4.5-5% GDP growth for this year

In 2025, the GDP of the world's second-largest economy surpassed 140 trillion yuan ($20.3 trillion) for the first time.

This year's growth target comes amid the Chinese economy facing a grave and complex landscape, where external shocks and challenges are intertwined with domestic difficulties and tough policy choices.

Sun Xuegong, director-general of the department of policy study and consultation at the Chinese Academy of Macroeconomic Research, said that this year's GDP growth target is "reasonable and necessary".

"On the one hand, it aligns with our medium — and long-term development goals; on the other hand, this growth rate target also leaves room for structural adjustment in the pursuit of high-quality development," Sun said, adding that the target is also achievable, as China's economic fundamentals remain sound and enjoy a solid foundation.

Bernard Dewit, chairman of the Belgian-Chinese Chamber of Commerce, said: "(China's) growth rate today is naturally lower than those seen five or 10 years ago, but that is normal and even healthy. Sustained double-digit growth is neither realistic nor sustainable for an economy of China's size and sophistication."

He said that China still boasts some favorable factors to ensure its long-term growth resilience, citing its pursuit of high-quality growth, its large population with a significant number of university graduates and its heavy investment in innovation, technology and green transformation.

"These structural strengths provide a solid foundation for steady and sustainable development," he said.