China’s economy is on track to meet its growth target of around 5%, according to President Xi Jinping. In his New Year’s message, Xi expressed confidence in the country’s ability to overcome domestic and external challenges through hard work and strategic focus.
The current economic environment poses new hurdles, including uncertainty from global factors and the transition to new energy sources. However, Xi believes that China’s history of resilience and growth can help it overcome these obstacles.
As the GDP is expected to surpass 130 trillion yuan (US$17.8 trillion) this year, Xi highlighted the progress made in the new energy vehicle industry, with production exceeding 10 million units for the first time. The Chinese leader emphasized that prioritizing economic growth will enable China to address domestic difficulties and external headwinds in 2025.
Source: https://www.scmp.com/news/china/politics/article/3292866/xi-jinping-says-chinas-2024-gdp-growth-expected-be-around-5