China’s Work Report: Paving the Way for High-Quality Development and Economic Growth

How did the world’s second-largest economy perform in the past year? What are its major development goals and policy directions for 2025? In the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, guest speakers shared valuable insights on the nation’s commitment to achieving its growth target while advancing high-quality development.

STEADY PROGRESS AMID CHALLENGES

China’s GDP expanded by 5 percent last year, reaching a total of 134.9 trillion yuan (approximately 18.8 trillion U.S. dollars). This growth accounted for about 30 percent of global economic expansion, as highlighted in the government work report.

Huang Lianghao, an official with the Research Office of the State Council, described these achievements as “hard-won and extraordinary.” He emphasized that “China promoted growth within a reasonable range and effectively improved the quality of its economy,” pointing out a notable 3.4-percent reduction in carbon emissions per unit of GDP.

National lawmaker Yuan Yuyu, who is also the chairman of Medprin Regenerative Medical Technologies Co., Ltd. in Guangzhou, stated, “In 2024, China’s economy demonstrated resilience and the effectiveness of overall reform.” He further noted that the number of newly established business entities in China exceeded 20 million last year, reflecting the country’s commitment to high-quality development and the steady growth of new productive forces.

STRATEGIC REFORMS FOR SUSTAINED GROWTH

As 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025), experts believe that the around 5-percent growth target proposed in the government work report is a balanced approach that considers what is necessary and feasible.

Huang emphasized that this target aligns with employment stabilization, risk prevention, and the country’s development goals through 2035. “It not only demonstrates the government’s precise grasp of the general principle of pursuing progress while maintaining stability amid a complex economic environment, but also conveys a profound strategic consideration for medium- and long-term high-quality development,” noted national political advisor Jin Li, vice president of Southern University of Science and Technology.

Despite external pressures, Huang expressed confidence in China’s economic fundamentals, citing positive factors such as burgeoning technological breakthroughs and expanding domestic demand. Regarding employment, the report sets a goal of creating over 12 million new urban jobs, with a targeted surveyed urban unemployment rate of around 5.5 percent.

Huang underscored the importance of reforms in vocational training to address structural labor mismatches. Jin stressed the necessity for educational reforms to cultivate talent for emerging industries. Yuan advocated for deeper collaboration between industry and academia, stating, “Universities hold talent resources while enterprises possess application scenarios. Bridging them will accelerate technological breakthroughs.”

PEOPLE-CENTERED POLICY ORIENTATION

The government work report emphasizes that more funds and resources will be allocated to serve the people and meet their needs. Key initiatives include:

• Raising the minimum basic old-age benefits for rural and non-working urban residents by 20 yuan.
• Ensuring an appropriate increase in basic pension benefits for retirees.
• Continuing the reform of public hospitals to better serve the public interest.

Yuan highlighted the significance of healthcare commitments, noting that health has become increasingly important to the populace. He stated that companies have the responsibility to provide more innovative products, drugs, and medical apparatus while lowering costs to meet public needs.

Additionally, the government plans to issue 300 billion yuan in ultra-long special treasury bonds to support consumer goods trade-in programs, further enhancing consumer welfare.

“The concerns of the public are the key issues highlighted in the government work report. It proposes various measures to benefit the people and enhance their well-being,” concluded Huang.

As China continues to navigate a complex economic landscape, the focus remains on sustainable growth and improving the quality of life for its citizens. The government’s commitment to reform and development underscores its determination to achieve these goals in the coming years.