The size of China’s economy will exceed 140 trillion yuan ($A29.9 trillion) in 2025, the head of the state planner says as policymakers look to steer the country beyond the current five-year policy plan.
The world’s second-largest economy is grappling with a prolonged trade war with the United States and persistent deflationary pressures.
“Looking back at the 14th five-year plan period, the challenges encountered were greater than expected, but the achievements exceeded expectations,” Zheng Shanjie, chair of the National Development and Reform Commission, said at a media conference on Wednesday.
Zheng highlighted progress made under the 2021-25 five-year plan, which focuses on key priorities such as economic development, technological innovation, green transformation, and improvements in people’s livelihoods.
In its 14th five-year plan released in 2021, China dropped a specific gross domestic product growth target for 2021-25 but has continued to set annual growth targets during the plan period, with the goal for 2025 set about five per cent.
The economy grew at an average annual pace of 5.4 per cent from 2021 to 2024, despite the impact of COVID-19, official data showed.
Zheng said China had built the world’s largest and most comprehensive manufacturing sector, strengthening its industrial and supply chains and boosting confidence in the country’s ability to handle various risks and challenges.
Foreign technology curbs would only strengthen China’s self-reliance and its capacity to be innovative, Zheng said.
Officials at the briefing offered no details on the 15th five-year plan, as Chinese leaders are still gathering proposals for the blueprint, which will outline national priorities through 2030.
Chinese government advisers are stepping up calls to make the household sector’s contribution to broader economic growth a top priority at Beijing’s coming five-year policy plan, as trade tensions and deflation threaten the outlook.
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