China's economy is expected to remain positive, with numerous advantages, strong resilience and great potential, according to long-term forecasts, said Lou Qinjian, spokesman for the third session of the 14th All-China People's Congress (NPC). At a press conference at the Great Hall of the People in Beijing on Tuesday, a day before the opening of the third session, Lou expressed full confidence in China's economic development prospects.
Resilient economic growth
China's economy has demonstrated strong resilience, with the country's gross domestic product (GDP) exceeding 130 trillion yuan (over US$17.8 trillion) in 2024, achieving a five per cent growth rate.
Despite external challenges, China maintains a stable economic foundation, abundant advantages and considerable potential, Lou said. The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) held last year introduced comprehensive reforms and higher-level opening-up measures aimed at further stimulating economic vitality.
Lou stressed that China's extremely large market and complete industrial system provide a solid foundation for sustainable economic development. As the country transitions to new growth drivers, emerging industries continue to thrive, strengthening long-term economic momentum.
Legislation to support the private economy
Lou added that progress has been made in the development of the Private Economic Promotion Act, a draft of which has been submitted to the NPC Standing Committee for consideration.
The proposed law enshrines the principles of "two unwavering commitments" and the promotion of "two sound developments" to optimise the environment for private economic growth and strengthen business confidence.
Lou reaffirmed the mutually beneficial nature of Sino-US economic and trade relations, noting that since the establishment of diplomatic relations 46 years ago, bilateral trade has increased more than 200-fold and the volume of bilateral investment has reached approximately $250 billion.
He criticised unilateral US tariff measures, saying they violate World Trade Organisation (WTO) rules and undermine the stability of global industry and supply chains. China remains committed to resolving trade issues through dialogue based on mutual respect, equality and reciprocity.
Stable Sino-European trade relations
China and the European Union (EU) continue to maintain stable trade relations, with economic cooperation playing a key role in global supply chain security and economic growth, the spokesman said. China is willing to deepen cooperation with Europe in various areas, including legislative exchanges, to jointly address global challenges.
The third session of the 14th NPC meeting will be held in Beijing on Wednesday, with key discussions expected to determine the direction of Chinese policy in the coming year.
CMG/ gnews.cz - RoZ
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