China sets GDP growth target at around 5% for 2025
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The news: China has set its 2025 economic growth goal at about 5%, in line with last year's target, Bloomberg reported.
The numbers: Premier Li Qiang is also expected to announce a fiscal deficit target of 4% of gross domestic product, the highest level in more than three decades.
In recognition of ongoing deflationary pressures, China's government will lower its annual inflation target to around 2%, down from its longstanding 3% goal, the lowest level since 2003.
The context: Li is due to officially announce the targets later today, as he delivers the government's annual work report to the national parliament in Beijing.
It marks the third successive year that China has targeted 5% growth, and raises expectations for new economic stimulus measures, as an additional 10% US tariff on Chinese products comes into effect today.
In December, China’s Politburo pledged further stimulus measures in 2025, including a shift to a "moderately loose" monetary policy and a "more proactive" fiscal policy.
The source: Bloomberg
