Premier Li calls for accelerated efforts to meet China’s economic goals

Chinese Premier Li Qiang has urged officials to do their utmost in the race to achieve key targets, such as maintaining an economic growth rate of around 5%, as set out in the “two sessions” held last week.

“We must improve measures and accelerate their implementation, race against time amidst various uncertainties, and work quickly and proactively,” Li said on Wednesday at a State Council meeting, one day after the conclusion of the annual meetings of China’s top legislative and advisory bodies.

As Beijing outlined a series of policies to boost growth in the face of economic headwinds, Li called on all state institutions to “take the initiative to fulfill their responsibilities and take more positive steps to complete their tasks.”

Although Chinese leaders emphasized their confidence in the future of the world’s second-largest economy, they also highlighted ongoing challenges such as weak domestic demand and intensifying trade frictions with the US during the two sessions.

According to a summary of Wednesday’s meeting reported by Xinhua, Li asked officials to “closely monitor changes in the situation and make good policy preparations to ensure they can be launched in a timely manner and deliver results as soon as possible.”

In his work report last week, Li emphasized that China’s growth target of around 5% for 2025 underscored the leadership’s determination to tackle challenges and achieve results.

While China announced further fiscal stimulus measures during the two sessions, following a package in the last quarter of 2024, it faces uncertainties not only domestically but also externally, particularly due to the trade war with US President Donald Trump.

At Wednesday’s State Council meeting, a work plan was discussed and adopted that clarified the division of key tasks for this year among different departments and emphasized inter-departmental coordination.

According to a separate meeting held by the Ministry of Industry and Information Technology on the same day, these tasks include expanding the scale of 5G telecom technology applications and accelerating the development of 6G.

Li Lecheng, the Party Secretary of the Ministry, pledged to continue efforts to upgrade traditional industries, accelerate the digitalization and green transformation of the manufacturing sector, and accelerate the application of artificial intelligence, especially in areas such as electric vehicles, the low-altitude economy, and biomanufacturing.

According to data from the Ministry of Commerce, 1.664 million electric bicycles were sold and replaced nationwide from January 1 to Tuesday, accounting for 120.4% of the total number in 2024.

Meanwhile, the Industrial and Commercial Bank of China, a leading state-owned bank, pledged on Wednesday to provide at least 6 trillion yuan (829.2 billion US dollars) in financing to private enterprises over the next three years, Xinhua reported.

Bank Chairman Liao Lin said at an event in Beijing that the aim was to “support businesses to stick to their core businesses” and “help the economy continue to recover and improve.”