BEIJING: China’s economy is projected to remain positive in the long term, with numerous advantages, strong resilience, and great potential, said Lou Qinjian, spokesperson for the third session of the 14th National People’s Congress (NPC).
Addressing a press conference at the Great Hall of the People in Beijing on Tuesday, a day before the third session opens, Lou expressed full confidence in China’s economic development prospects.
Resilient economic growth
China’s economy demonstrated strong resilience in 2024, with the country’s gross domestic product (GDP) surpassing 130 trillion yuan (over $17.8 trillion), achieving a 5 percent growth rate.
Despite external challenges, China maintains a stable economic foundation, abundant advantages, and significant potential, Lou said. The Third Plenary Session of the 20th Communist Party of China (CPC) Central Committee, held last year, introduced comprehensive reforms and higher-level opening-up measures aimed at further stimulating economic vitality.
Lou emphasized that China’s ultra-large market size and complete industrial system provide solid support for sustained economic development. As the country transitions to new growth drivers, emerging industries continue to flourish, strengthening long-term economic momentum.
Legislation to promote the private economy
Progress has been made in legislating the Private Economy Promotion Law, with a draft submitted to the NPC Standing Committee for review, Lou added.
The proposed law enshrines the principles of “two unwavering commitments” and the promotion of “two healthy developments,” aimed at optimizing the private economy’s growth environment and boosting the confidence of entrepreneurs.
China-US Economic and Trade Relations
Lou reaffirmed the mutually beneficial nature of China-US economic and trade ties, noting that bilateral trade has grown over 200 times since the establishment of diplomatic relations 46 years ago, with two-way investment stock reaching approximately $250 billion.
He criticized the US’s unilateral tariff measures, stating that they violate World Trade Organization (WTO) rules and disrupt global industrial and supply chain stability. China remains committed to resolving trade concerns through dialogue based on mutual respect, equality, and reciprocity.
Stable China-Europe Trade Relations
China and the European Union (EU) continue to maintain stable trade relations, with economic cooperation playing a crucial role in global supply chain security and economic growth, the spokesperson said. China is willing to deepen cooperation with Europe across various fields, including legislative exchanges, to address global challenges collectively.
The third session of the 14th NPC is set to convene in Beijing on Wednesday, with key discussions expected to shape China’s policy direction in the coming year.
