China has set an ambitious economic growth target of "around 5%" for 2025, consistent with last year's goal. This target remains despite the impact of escalating US tariffs on its export-oriented economy. It demonstrates China's commitment to overcoming difficulties and striving for economic development.
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03-09, 2025Chinese Premier Li Qiang, in his government work report at the opening of the annual meeting of the National People's Congress (the rubber-stamp legislature), stated that the goal "demonstrates our determination to face difficulties and work hard." Premier Li's report, similar to the US State of the Union address, coincided with President Trump's upcoming speech to Congress, with both Chinese and American leaders outlining their respective national development blueprints almost simultaneously.
The ambitious growth target set by Beijing reflects its confidence in maintaining its economic development trajectory in the face of increasing trade pressure from the world's largest economy and its leader. Simultaneously, the United States launched a trade offensive against China, imposing tariffs on all Chinese imports and threatening to strengthen controls on the flow of American technology to China in order to restrict the development of China's technology industry.
In response, Beijing swiftly implemented countermeasures, imposing tariffs of up to 15% on some US goods, expanding export controls on American companies, and filing a complaint with the World Trade Organization. China also suspended imports of logs and soybeans from three US companies. A spokesperson for the Chinese Foreign Ministry sternly warned Washington: "If the United States insists on launching a tariff war, a trade war, or any other form of war, China will fight to the end."
Despite Beijing's strong rhetoric, the increased tariffs and the threat of tighter US economic and technological restrictions have cast a shadow over China's slowing economy and its ambition to become a technological powerhouse. The Chinese economy is currently facing challenges such as a real estate crisis, soaring local government debt, a sharp decline in foreign investment, weak consumer demand, and high youth unemployment. Wang Yiwei, Dean of the School of International Relations at Renmin University of China, stated that the "real goal" of Trump's tariff war is to weaken China's position as the "world's factory." He pointed out that low-end, labor-intensive manufacturing factories with meager profits are already facing difficulties, and the increase in tariffs will force them to move to countries such as Vietnam, accelerating the hollowing out of China's manufacturing sector and posing a risk to social stability.
