CBN丨China confident in achieving healthy economic growth in 2025: NDRC

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China is confident and also capable of minimizing the uncertainty and adverse impacts of external shocks, promoting sustained and healthy economic growth as existing stimulus policies take effect, to be reinforced by new pro-growth measures being planned by the government, according to the National Development and Reform Commission (NDRC), the country’s economic planner, on Thursday.

The remarks came in response to a media question about assessing the impact of external factors such as sluggish global growth on China's economic outlook, given the OECD's lowered global growth forecast and a latest warning from JPMorgan Chase’s CEO about US bond market risks.

Facing a more complex and severe external environment, China has adhered to steady economic progress, aided by the government’s more proactive policies, said Li Chao, spokesperson for the NDRC. She noted that the economy has generally operated smoothly, with accelerated efforts to stabilize employment.

While the World Bank and OECD cut global growth forecasts, China's growth outlook remains stable, with Deutsche Bank, Morgan Stanley, and Goldman Sachs raising their forecasts for China, Li said.For example, Deutsche Bank analysts recently raised China's GDP forecast by 0.2 percentage points to 4.7 percent growth for the full year of 2025.

Speaking on the expanded policy support for equipment upgrade and consumer goods trade-in programs, Li noted that ultra-long special treasury bonds provide CNY200 billion in support for equipment upgrades.

The first batch of approximately CNY173 billion has been allocated to around 7,500 projects across 16 sectors, and the second batch is currently undergoing project review and selection.

For consumer goods trade-in, CNY300 billion in ultra-long special treasury bonds have been allocated, with the first two batches totaling CNY162 billion disbursed as planned in January and April.

To stabilize employment, Li said that the NDRC and the Ministry of Finance allocated CNY16.5 billion in 2025 central special investments for the work-relief programs, supporting over 3,900 projects nationwide which are expected to address employment and income issues for 380,000 people in difficulty.

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