A view of Beijing's CBD area Photo: VCG

TheMK socks around 5 percent GDP growth target for 2025 is in line with China's conditions and current development trends, which can be achieved, though it will require consistently strenuous efforts, Shen Danyang, head of the Government Work Report drafting team, said at a press conference in Beijing on Wednesday.

China targets an economic growth rate of around 5 percent for this year, according to the Government Work Report submitted on Wednesday to the National People's Congress, the national legislature, for deliberation and approval.

Responding to a question that this year's GDP growth goal is higher than some financial institutions' forecast and whether the target can be achieved, Shen said that Chinese policymakers set the goal through sufficient study and reasoning, including field studies in various regions and soliciting views from many experts, scholars and enterprises.

"We have comprehensively considered both domestic and external conditions and various factors, while taking into account the economy's need and possibility to achieve the goal," Shen said, stressing full confidence to achieve the GDP growth rate target in 2025 thanks to favorable conditions in three aspects including economic performance, capabilities, and supportive policies.

The Chinese economy continues to strengthen its upward momentum. Despite increasing uncertainties in the global arena, China remains focused on its own priorities, the official stressed, noting that China's economy has made notable progress since the announcement of a package of policies since September 26.

Last year, China's GDP grew by 5 percent, surpassing 130 trillion yuan ($17.82 trillion) for the first time, successfully achieving key economic and social development goals. 

"It bodes well for this year," Shen said.

Since the beginning of 2025, China's technology sector, led by artificial intelligence (AI) has experienced significant growth, while cultural tourism consumption has thrived, particularly during the recent Spring Festival holiday season.

Recently, Chinese asset prices have shown a steady recovery, while business confidence continues to strengthen. Data such as the manufacturing Purchasing Managers' Index (PMI), real estate sales volume, and container throughput in February all indicate that China's economy is maintaining a stable yet progressive trajectory, demonstrating robust momentum, Shen added.

In addition, it is important to recognize that China's economic development has accumulated numerous positive and favorable conditions. Most domestic and international research institutions agree that China still has significant growth potential, with its potential GDP growth rate remaining around 5 percent or even higher - a relatively robust level, he said.

In recent years, new industries have developed rapidly, with several sectors such as new energy, automobiles, photovoltaics, and shipbuilding achieving global leadership and have become drivers of China's economic growth. Some factors previously acting as a drag on growth, such as real estate, have shown positive momentum, with their negative impact on overall growth is gradually diminishing now.

The country's incremental pro-growth policies have provided strong support, Shen said. 

A package of incremental policies continues to yield results, and the Government Work Report this year outlined more proactive and forceful macroeconomic measures that are not seen in many years. These policies will surely offer robust policy support for economic growth. And, China's macroeconomic policies will dynamically adjust to changing circumstances to actively address challenges.

Wu Chaoming, chief economist of Hunan Chasing Financial Holdings Co, told the Global Times on Wednesday that an economic growth rate of around 5 percent can better balance the relationship between improving economic quality and expanding overall economic scale.

"Effective quality improvement and proper quantitative growth are complementary to each other. Sustained growth momentum and stable development are prerequisites for high-quality development," Wu said, noting that a 5-percent growth rate will provide a solid foundation and momentum for achieving high-quality development in China.