Xi urges confidence in China’s economy as GDP growth on track to hit target of around 5%

In New Year’s message, President Xi Jinping says China’s economic challenges can be overcome through hard work and strategic focus

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Chinese President Xi Jinping delivers a New Year’s message on Tuesday in Beijing to ring in 2025. Photo: AP

Published: 2:10pm, 31 Dec 2024Updated: 11:04pm, 31 Dec 2024

China will prioritise economic growth and will be able to overcome domestic difficulties and external headwinds in 2025, President Xi Jinping said in his televised New Year’s message on Tuesday.

The rallying call for confidence in the country’s growth prospects followed his announcement earlier in the day that China’s economy is expected to have grown around 5 per cent by the end of this year.

“The current economy faces new challenges, including uncertainty in the external environment and the pressures from the transition between old and new energies,” Xi said in the televised message.

“However, these challenges can be overcome through hard work. We have always grown stronger through adversity, so we must remain confident.”

With the growth rate on track to meet the government target, Xi said China’s gross domestic product (GDP) was set to surpass 130 trillion yuan (US$17.8 trillion) this year. This is an increase from 129.4 trillion yuan last year.

Focusing on economic growth, Xi highlighted new energy vehicles, noting that production in the industry exceeded 10 million units for the first time this year.