China's Economic Resilience Amid Global Challenges

China's economy is set to exceed 140 trillion yuan this year, positioning itself as a resilient force amidst global economic challenges. The head of the state planner, highlighting this growth, discussed the impacts of persistent deflation and a prolonged trade war with the United States. The achievements under the current five-year policy plan exceed expectations, showcasing China's ability to adapt in tough economic climates.

During a press conference, Zheng Shanjie, chair of the National Development and Reform Commission, pointed out the successes achieved under the 2021-2025 five-year plan. Despite the absence of a specific GDP growth target, China averaged a 5.4% annual growth rate from 2021 to 2024, exemplifying resilience in the face of COVID-19 and other challenges.

As China builds on its comprehensive manufacturing sector, the focus remains on technological innovation and green transformation. Meanwhile, the 15th five-year plan remains in development, with an emphasis on bolstering household contributions to economic growth. This objective is crucial as trade tensions and deflationary risks loom large over Beijing's economic future.

(With inputs from agencies.)