Politics
Xi calls for proactive macroeconomic policies to maintain China's momentum
President Xi Jinping called on China to implement more proactive macroeconomic policies this year to maintain growth momentum, as the world's second-largest economy could face new US tariffs.
The Chinese leader said the country should seek progress while maintaining stability. He also reiterated his call to promote high-level scientific and technological autonomy, the official Xinhua News Agency reported Monday (January 20), citing remarks made at a Lunar New Year event in Beijing.
China's economy grew stronger than expected in 2024, thanks to a late policy blitz and an export boom. Gross domestic product grew 5.4 percent in the past three months from a year earlier, beating most analysts' forecasts and marking the fastest pace in six quarters. The jump brought full-year growth to 5 percent.
But concerns are growing about a possible easing of stimulus measures just as Donald Trump returns to the White House. He has threatened to impose tariffs of up to 60% on Chinese goods, which could decimate trade and damage an engine of expansion that contributed to about a quarter of growth in 2024.
China is expected to announce its 2025 growth target during the annual parliamentary session in March. The target will likely be similar, if not identical, to last years, based on provincial targets already announced.BLOOMBERG
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