China on Wednesday said it will aim for economic growth of around 5 percent in 2025.

A government work report delivered by Premier Li Qiang at the start of the National People's Congress session also outlined other goals for the year, including a surveyed urban unemployment rate of around 5.5 percent, over 12 million new urban jobs, and an around 2 percent increase in the consumer price index.

"In setting the growth rate at around five percent, we have taken into account the need to stabilise employment, prevent risks and improve the people's well-being, as well as the potential for growth and the conditions supporting growth," the document said.

"A target of around five percent is well aligned with our mid- and long-term development goals and underscores our resolve to meet difficulties head-on and strive hard to deliver," the document added.

The world's second-largest economy grew by 5 percent in 2024.

China also aims for a budget deficit of 4 percent of GDP in 2025, up from 3 percent a year ago.

According to the work report, China will support and encourage private investment, and guide more private investment toward major infrastructure and public well-being projects.

The country will issue 500 billion yuan of special treasury bonds this year to support large state-owned commercial banks in replenishing capital.

The report said that central authorities are keenly aware of the problems and challenges confronting China.

“Internationally, changes unseen in a century are unfolding across the world at a faster pace,” Li said, describing them as increasingly complex and severe.

“Global economic growth lacks steam, unilateralism and protectionism are on the rise, the multilateral trading system is experiencing disruptions and tariff barriers continue to increase.”

The premier also noted that the "foundation for China‘s sustained economic recovery and growth is not strong enough", saying that demand is weak and consumption is sluggish.

"Greater efforts need to be made to address social problems and guard against risks," he said.

"We will stay committed to pursuing progress while ensuring stability." (Additional reporting by Xinhua)
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Last updated: 2025-03-05 HKT 09:40