Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Policies

China still key in driving global growth

Growth: Boosting confidence to be prioritized

By OUYANG SHIJIA and?ZHOU LANXU | chinadaily.com.cn | Updated: 2025-07-09 23:15
Share
Share - WeChat
A worker handles products at the Shu Brocade Workshop of the Chengdu Shu Brocade Research Institute, a private enterprise in Chengdu, Sichuan province, on July 3. LI XIANGYU / FOR CHINA DAILY

China's gross domestic product is expected to reach about 140 trillion yuan ($19.5 trillion) this year, reaffirming the country's role as a major contributor to the world's economic growth, the country's top economic regulator said on Wednesday.

Going forward, the country is poised to place greater emphasis on unlocking the huge potential of its vast and resilient domestic market to underpin continued economic recovery, with stronger policy support to further boost consumer spending and confidence, said officials and economists.

Zheng Shanjie, head of the National Development and Reform Commission, noted that the estimated increase in China's GDP during the 14th Five-Year Plan (2021-25) period — over 35 trillion yuan — is equivalent to the combined economic output of Guangdong, Jiangsu and Shandong provinces, the country's top three provincial economies, and exceeds the GDP of Germany, the world's third-largest economy.

"China's contribution to world economic growth has stayed at around 30 percent (in recent years), and China has managed to maintain an average growth rate of 5.5 percent over the past four years despite numerous shocks," Zheng said at a news conference in Beijing on Wednesday.

Yuan Da, secretary-general of the NDRC, highlighted the huge growth potential of China's ultra-large domestic market, saying that "domestic demand has always been the main driver and stabilizer of China's economy".

China's domestic demand contributed an average of 86.4 percent to the country's economic growth during the past four years, with final consumption contributing 56.2 percent, an increase of 8.6 percentage points compared with the 13th Five-Year Plan (2016-20) period.

"We will place greater emphasis on strengthening domestic circulation, steadfastly implement the strategy of expanding domestic demand, and speed up the development of a comprehensive domestic demand system," Yuan said.

Data from the National Bureau of Statistics showed that China's consumer prices rose for the first time in five months in June, adding to the latest sign of improving consumer sentiment and stable demand. 

The country's consumer price index, the main gauge of inflation, rose 0.1 percent year-on-year in June, up from a 0.1 percent drop in May. The core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship, increased 0.7 percent year-on-year in June, NBS data showed.

"Consumer prices rose in June as policies aimed at expanding domestic demand and boosting consumption continued to take effect," said Dong Lijuan, an NBS statistician.

Feng Lin, executive director of the research and development department at Golden Credit Rating International, said government stimulus efforts supported the prices of autos and household appliances, contributing to the CPI uptick in June.

However, with first-half CPI dropping 0.1 percent year-on-year, she cautioned that "price levels remain subdued, with still-weak consumer demand being the primary reason". 

"It also leaves ample policy space for further monetary easing and stronger fiscal stimulus in the second half," Feng added. "That will help cushion the impact of external uncertainties."

Despite facing challenges ahead, Zhang Xiaoyan, associate dean at Tsinghua University's PBC School of Finance, said she believes that China is well-positioned to hit its preset annual growth target of around 5 percent this year, underpinned by robust policy support, strong technological innovation capabilities and a resilient domestic market.

Looking ahead, she said the second-half policy focus will be placed on maintaining stability and boosting market confidence.

Ben Simpfendorfer, a partner at consultancy Oliver Wyman, highlighted the importance of ensuring sustained recovery in consumer confidence, calling for more fiscal spending on education and healthcare and building a stronger social safety net.

To further consolidate the recovery trend, NDRC deputy head Li Chunlin pledged stronger coordination among ministries as well as between the central government and local governments to ensure the completion this year of the 102 key projects mapped out by the 14th Five-Year Plan (2021-25).

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 宝贝过来趴好张开腿让我看看 | 成年女人免费播放影院| 亚洲欧美日韩在线一区| 草草浮力影院第一页入口| 国产精品成人va在线播放| 一本大道久久东京热无码AV| 日韩欧美在线不卡| 亚洲欧洲久久久精品| 精品国产污污免费网站| 国产午夜视频高清| 22222色男人的天堂| 男人插女人30分钟| 国产成人无码午夜视频在线观看| 99热精品国产麻豆| 我把护士日出水了| 九九热在线视频观看这里只有精品 | 女人被狂c躁到高潮视频| 久久婷婷五月综合97色一本一本| 欧美日韩大片在线观看| 狠狠久久永久免费观看| 国产精品国产三级国产普通话| z0z0z0另类极品| 日本一区二区三区高清在线观看| 公添了我的下面出差牌友 | 国产卡一卡二卡3卡4卡无卡视频| 91短视频网站| 好男人神马视频在线观看| 亚洲欧美18v中文字幕高清| 精品国产麻豆免费网站| 国产午夜精品一二区理论影院| 3d动漫精品一区二区三区| 天天爽天天爽夜夜爽毛片| 中文字幕欧美激情| 日韩在线一区高清在线| 亚洲伊人久久大香线蕉综合图片 | 强奷乱码中文字幕| 久久免费公开视频| 极端deepthroatvideo肠交| 四虎永久在线精品免费观看地址| 99精品众筹模特私拍在线| 我两腿被同学摸的直流水|