Chinese President calls for a “more proactive” economic policy in 2025

Chinese President Xi Jinping called for implementing a more “proactive” macroeconomic policy in 2025, during an official New Year’s celebration, according to official media.

“We should deepen reform and develop high-level opening-up, improve development and security coordination and implement more proactive and effective macroeconomic policies,” state television CCTV reported.

He added: “It is necessary to maintain the general guideline of stability while striving for progress, and accelerating the adoption of a new development model.”

Strong measures to support growth

This year, China sought to emerge from an economic recession exacerbated by the real estate market crisis, declining consumption, and ballooning public debt.

In recent months, Beijing has unveiled a series of strong measures aimed at supporting growth, especially by lowering interest rates, removing restrictions on home purchases, and reducing the debt burden on local governments.

However, economists believe that it is necessary to adopt budget recovery measures more targeted at domestic consumption to maintain the growth of the Chinese economy.

Chinese economic growth forecasts

This year, Beijing seeks to achieve growth of about 5% in gross domestic product, and the authorities have expressed confidence in achieving this goal, but many economists doubt its feasibility.

“Productivity is developing, and GDP is expected to rise by 5%,” the Chinese president said on Tuesday.

The International Monetary Fund, for its part, expects the Chinese economy to grow by 4.8% this year and 4.5% next year.