9 takeaways from the economic briefing at China’s ‘two sessions’

China’s top economic officials laid out their priorities for 2025 during a joint press conference on Thursday as part of the “two sessions”, the annual meeting of China’s top legislative and consultative bodies.

The heads of the National Development and Reform Commission (NDRC) – China’s top economic planner – the ministries of finance and commerce, China’s central bank and its main securities regulator were all in attendance.

Here are the key takeaways from the briefing:

1. China ‘confident’ of hitting GDP target

Zheng Shanjie, chairman of the NDRC, expressed confidence that China would meet its 5 per cent growth target this year, stressing that the economy had a solid foundation and good momentum.

Although some sectors face challenges, emerging industries are growing strongly, Zheng said. “New industries and business modes” now account for 18 per cent of China’s economy, he pointed out. The government will also set up a “guidance fund” to promote the transformation and upgrading of industries.

2. China does not want a trade war – but will not back down

Commerce minister Wang acknowledged that Chinese exports faced severe challenges, and said the government was taking action to stabilise foreign trade, such as by helping cross-border e-commerce businesses invest in overseas warehouses.