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By Ma Jingjing, Tu Lei (Global Times) 10:59, February 13, 2025

Despite mounting external pressure and domestic difficulties, China's GDP grew by 5 percent year-on-year in 2024, meeting the government's full-year target, official data showed.

The World Bank raised its forecast for China's economic growth in 2025, citing "higher-than-expected fiscal spending and more decisive policy actions to stabilize the property sector, following recent guidance from policymakers," which could push growth above baseline expectations.

Analysts from Singapore's major banking group DBS also expressed confidence in China's economic development prospects for 2025, noting that they expect a GDP growth target of approximately 5 percent to be set at the two sessions in March.

"Efforts to stimulate domestic demand are poised to intensify," DBS analysts led by Ji Mo wrote in a note sent to the Global Times, noting that consumption upgrading subsidies, tax relief, and increases in unemployment insurance ought to aid consumption sentiment.

China has full confidence in its economic development prospects for 2025, despite potentially deepening adverse effects stemming from changes in the external environment, Kang Yi, head of the National Bureau of Statistics, told a press conference in January.

This confidence is based on solid economic fundamentals, continued recovery momentum, the emergence of new growth drivers, suitable policy support, and the implementation of reform and opening-up steps, Kang stressed.

(Web editor: Tian Yi, Zhong Wenxing)