China's govt work report charts course for high-quality development

Recently, China’s National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), also known as the Two Sessions, were convened in Beijing, becoming an important moment of global attention for the Chinese people and the world.

On March 5th, Chinese Premier Li Qiang, on behalf of the State Council, delivered the Government Work Report at the third session of the 14th National People’s Congress, comprehensively summarizing the achievements of China in 2024 and providing a detailed plan for the development goals and policy directions for 2025.

The report outlined a grand future blueprint for the people of all ethnic groups in China, inspiring them to strive forward, while also providing solid theoretical support and a clear action guide for the ambitious goal of building a modern socialist country in all respects.

In reviewing 2024, despite increasing external pressures and growing internal challenges, the Chinese people of all ethnic groups have forged ahead with determination, overcoming difficulties.

The overall economic operation remained stable with progress, achieving the main goals and tasks of economic and social development for the year. High-quality development was steadily advanced, and new quality productive forces developed steadily. This year, China’s GDP rose to 134.9 trillion yuan, a year-on-year increase of 5 percent. China ranks among the world’s fastest-growing major economies, continuing to contribute about 30 percent to global economic growth.

The added value of high-tech manufacturing and equipment manufacturing industries grew by 8.9% and 7.7%, respectively, while the annual production of new energy vehicles exceeded 13 million units. Innovation capabilities have seen significant progress, with new achievements in fields such as integrated circuits, artificial intelligence, and quantum technology.

All foreign investment restrictions in the manufacturing sector have been removed, and trade and investment cooperation under the Belt and Road Initiative continues to expand and upgrade. Chinese modernization has taken new and solid steps, further strengthening the determination and confidence of the Chinese people to comprehensively build a modern socialist country in all respects in the new era and on the new journey.

2025 is the final year of China’s 14th Five-Year Plan, and the 15th Five-Year Plan will be drafted and laid out. China is at a crucial development juncture.

The government work report pointed out that China will adopt a more proactive fiscal policy, apply an appropriately accommodative monetary policy, pursue people-oriented macro policies and improve policy coordination to achieve the main targets of this year, which are projected as follows: GDP growth of around 5 percent, surveyed urban unemployment rate of around 5.5 percent, over 12 million new urban jobs, CPI increase of around 2 percent, growth in personal income in step with economic growth, a basic equilibrium in the balance of payments, grain output of around 700 million tons, a drop of around 3 percent in energy consumption per unit of GDP, continued improvements in the environment.

Under the strong leadership of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at its core, Chinese government is confident to adhere to the general principle of pursuing progress while ensuring stability, fully and faithfully apply the new development philosophy on all fronts, move faster to create a new pattern of development, and make solid progress in high-quality development.

The Chinese government will vigorously boost consumption and investment returns and stimulate domestic demand across the board, develop new quality productive forces in light of local conditions and accelerate the development of a modernized industrial system, fully implement the strategy of invigorating China through science and education and boosting the overall performance of China’s innovation system, expand higher-standard opening up and stabilize foreign trade and investment, effectively prevent and defuse risks in key areas and ensure that no systemic risks arise.

Chinese government will promote sustained economic recovery and growth, keep improving people’s living standards, maintain social harmony and stability, fulfill the targets and tasks set in the 14th Five-Year Plan to a high standard and lay a solid foundation for making a good start to the 15th Five-Year Plan.

Nowadays, transformation not seen in a century is accelerating across the world. With imminent tariff wars and trade wars, an ongoing tug of war between the forces for and against economic globalisation, and intense rivalry between multilateralism and unilateralism, global governance is undergoing profound adjustments.

Human society has once again come to a critical crossroads, hoping that the sun will break through clouds and mists to light up the way forward. The convening of China’s Two Sessions is like a spring breeze, bringing warmth and sounding the strong voice of the Chinese people’s unity and progress in this new era. At the same time, it offers new insights for global development.

The facts of the past year have proven that Chinese modernization not only strengthens the confidence of developing countries in pursuing their own modernization by witnessing China’s success, but also, China together with the international community, has effectively promoted peaceful development, mutually beneficial cooperation, and shared prosperity in the modernization efforts of countries worldwide, providing new development opportunities for the world.

Looking ahead, China will continue to advance high-quality development through high-level opening-up, offering vast opportunities for the modernization of countries around the world. China is willing to work with all countries to jointly promote an equal and orderly multi-polar world, as well as an inclusive and fair economic globalization, while safeguarding and practicing true multilateralism and actively addressing major global challenges.

China and Pakistan are ironclad friends and all-weather strategic cooperative partners. The two countries and their peoples should seize this favourable opportunity to further enhance communication and coordination, deepen practical cooperation in various fields, and firmly advance together on the journey towards our respective modernization. This will accelerate the building of a closer China-Pakistan community with a shared future in the new era, bringing more benefits to the peoples of both countries and jointly creating a more prosperous and stable future.

Copyright Business Recorder, 2025