Skip to content
thelocalreport.in thelocalreport.in

Thelocalreport.in is a news website which includes national international,#sports,#wealth,#weather, #entertainment and other types of news.

  • Jammu and Kashmir
  • World
  • India News
  • Uk
  • Canada
  • United States
  • About Us
  • Contact Us
thelocalreport.in
thelocalreport.in

Thelocalreport.in is a news website which includes national international,#sports,#wealth,#weather, #entertainment and other types of news.

China Eyes 5 Per Cent Growth Despite Trade War

Arun Jain, 05/03/2025


Beijing, China:

China on Wednesday set an annual growth target of around five percent, vowing to make domestic demand its main economic driver as an escalating trade war with the United States hit Beijing’s exports.

Beijing also announced a rare hike in fiscal funding, allowing its budget deficit to reach four percent this year as it battles stuttering employment for young people, stubbornly low consumer demand and a persistent property sector debt crisis.

The headline growth figure announced by Premier Li Qiang at an annual Communist Party conclave was broadly in line with an AFP survey of analysts, though experts say it is ambitious considering the scale of the country’s economic challenges.

Under the plans, some 12 million new jobs will be created in Chinese cities as Beijing pushes for two percent inflation this year.

A government work report vowed to make domestic demand the “main engine and anchor” of growth, adding that Beijing should “move faster to address inadequate domestic demand, particularly insufficient consumption”.

And in a rare move, Li said China would hike its fiscal deficit by one percentage point, something that analysts have said will give Beijing more latitude to tackle its economic slowdown.

Dylan Loh, an assistant professor at Singapore’s Nanyang Technological University, said Beijing’s growth target would be “tough but possible”.

He said low consumption was a “confidence issue”, adding that “if people are, in their own calculations, worried about spending — especially on big-ticket items — it is far harder to address”.

ALSO READ  India gets Rafale boost, a deal of Rs 63,000 crore for 26 Navy fighters cleared

Major Asian markets traded up on Wednesday, reversing their losses a day after US President Donald Trump went ahead with imposing more blanket tariffs on Chinese imports following a similar move last month.

US tariffs are expected to hit hundreds of billions of dollars in total trade between the world’s two largest economies.

“Internationally, changes unseen in a century are unfolding across the world at a faster pace,” the government work report said.

“Unilateralism and protectionism are on the rise,” it warned.

And “domestically, the foundation for China’s sustained economic recovery and growth is not strong enough,” added the report.

Fight to the ‘bitter end’

Chinese exports reached record levels last year.

But as thousands of delegates congregated in Beijing’s opulent Great Hall of the People for the opening session of the National People’s Congress, the second of China’s “Two Sessions” political meetings this week, sentiments were clouded by a broadening trade war under Trump.

Beijing on Tuesday announced its own measures in retaliation for Washington’s latest tariff hike — and vowed it would fight a trade war to the “bitter end”.

The moves will see China impose levies of up to 15 percent on a range of US agricultural products including soybeans, pork and wheat starting from early next week.

Beijing’s countermeasures represent a “relatively muted response” in comparison to Trump’s all-encompassing tariffs, wrote Lynn Song, chief economist for Greater China at ING.

“The retaliation could have been a lot stronger, and with every further escalation the risks are also rising for a stronger response,” he added.

ALSO READ  US Boy, 12, Dies After Man Forces Him To Take Ice Baths As "Corporal Punishment"

Analysts say authorities may announce further plans this week to boost the economy — adding to a string of aggressive support measures announced late last year.

More help needed

Also on Wednesday, China disclosed a 7.2 percent rise in defence spending in 2025, as Beijing rapidly modernises its armed forces in the face of regional tensions and strategic competition with the US.

Geopolitical tensions between Beijing and Washington are set to intensify this year, analysts say.

The status of self-governed Taiwan — claimed by China as part of its sovereign territory — is chief among the sources of friction.

The defence spending will finance Beijing’s frequent dispatches of military aircraft around Taiwan, intended to put pressure on authorities in the democratic island.

It also came after Trump proposed a coordinated halving of the military budgets of the United States, Russia and China.

China has not agreed to such a move, with a foreign ministry spokesperson suggesting last month that any reductions in military expenditure should be conducted by Washington first.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)


World BeijingChinaChina Eyes 5 Per Cent Growth Despite Trade WarChina inflation

Post navigation

Previous post
Next post

Follow Us On Google News

  • Political controversy has arisen after Bhai Jagtap told Congress to contest BMC elections alone.
  • Home Secretary warns ban on family reunification puts refugees at grave risk
  • Sabarimala gold scam: Rajiv Chandrashekhar writes letter to Amit Shah demanding investigation by central agency
  • Barclays earnings fall after car finance compensation bill rises by £325m
  • MP increases financial assistance as Bhai Dooj gift by Rs 250 under Ladli Brahmin Yojana
  • TfL urges passengers to ‘avoid’ entire line due to serious delays
  • Bhai Dooj 2025: Date, mahurat, puja rituals, significance
  • BJP, JDU call Tejashwi Yadav’s job promise ‘false and misleading’
  • David Beckham reveals moment that ‘made wife Victoria cry’
  • Bengal Police arrests Bangladeshi infiltrator, Indian broker in Murshidabad
  • Gene Hackman’s Golden Globes to be auctioned
  • Bill Gates cameo on ‘Kyunki Saas Bhi Kabhi Bahu Thi 2’ coming up!
  • Trinamool has turned Bengal’s government institutions into party-controlled ecosystems: BJP
  • Terrorist-turned-terrorist pop star finally appears in court after being on the run for 12 years
  • Surrogacy racket: ED interrogates accused doctor in Hyderabad jail
  • Foreign Office extends warning over methanol poisoning to eight new countries
  • From next year, zonal offices of ED, CBI will operate from the same Kolkata campus.
  • Bruce Springsteen on playing his father in Stephen Graham’s new biopic
  • Hyderabad Court stops brands, YouTubers from using Chiranjeevi’s image or voice without consent
  • Hollyoaks fans are shocked as beloved character dies after 12 years on the show
  • People should not believe his fake claims: Jitan Ram Manjhi criticizes Tejashwi Yadav on job promises
  • Gene Hackman’s estate will be sold for at least $100
  • NDA enters elections without vision, only to abuse me and my party: Tejashwi Yadav
  • Unibet operator fined £10 million for social responsibility failings
  • Nearly 10 lakh farmers register themselves on Bhavantar Bhugtan Yojana: MP CM
  • Ab Fab stars will come together again on screen for the first time in nine years
  • If You Own Crypto, NEVER Do Any Of These THREE Things! [From Noah]
  • An alliance which is unable to share seats cannot run the government: BJP on confusion regarding seat sharing in the Grand Alliance.
  • Lewis Hamilton and Max Verstappen will not do first practice at Mexico City Grand Prix
  • CBI chargesheet names TMC MLA, associates in Bengal teacher job scam; It is said that the accused collected crores by deploying agents.
  • Elizabeth Olsen says she will only act in films released in theaters
  • Boots’ beauty advent calendar is one of the cheapest – but its contents impressed me
  • Udhayanidhi Stalin conducts surprise inspection of flood relief centers in Chennai
  • Jammu and Kashmir
  • World
  • India News
  • Uk
  • Canada
  • United States
  • About Us
  • Contact Us
  • Jammu and Kashmir
  • World
  • India News
  • Uk
  • Canada
  • United States
  • About Us
  • Contact Us

Add thelocalreport.in As A Trusted Source in Google

Canada News

  • Supporters of Edmonton teen Samuel Bird rally outside the court during the accused murderer's trial
    Supporters of Edmonton teen Samuel Bird rally outside the court during the accused murderer’s trial
  • Third suspect arrested in shooting death of 8-year-old boy
    Third suspect arrested in shooting death of 8-year-old boy
  • Power restored to Billy Bishop Airport pedestrian tunnel
    Power restored to Billy Bishop Airport pedestrian tunnel
  • ALCS Game 7 preview: Jays, Mariners fight for World Series berth
    ALCS Game 7 preview: Jays, Mariners fight for World Series berth
  • Two more teenagers charged in stabbing death of 14-year-old Abdul Aziz Sarr
    Two more teenagers charged in stabbing death of 14-year-old Abdul Aziz Sarr
  • Edmonton teen Samuel Bird's body found, arrest made
    Edmonton teen Samuel Bird’s body found, arrest made

India News

  • Political controversy has arisen after Bhai Jagtap told Congress to contest BMC elections alone.
    Political controversy has arisen after Bhai Jagtap told Congress to contest BMC elections alone.
  • Sabarimala gold scam: Rajiv Chandrashekhar writes letter to Amit Shah demanding investigation by central agency
    Sabarimala gold scam: Rajiv Chandrashekhar writes letter to Amit Shah demanding investigation by central agency
  • MP increases financial assistance as Bhai Dooj gift by Rs 250 under Ladli Brahmin Yojana
    MP increases financial assistance as Bhai Dooj gift by Rs 250 under Ladli Brahmin Yojana
  • Bhai Dooj 2025: Date, mahurat, puja rituals, significance
    Bhai Dooj 2025: Date, mahurat, puja rituals, significance
  • BJP, JDU call Tejashwi Yadav's job promise 'false and misleading'
    BJP, JDU call Tejashwi Yadav’s job promise ‘false and misleading’
  • Bengal Police arrests Bangladeshi infiltrator, Indian broker in Murshidabad
    Bengal Police arrests Bangladeshi infiltrator, Indian broker in Murshidabad

Us News

  • If You Own Crypto, NEVER Do Any Of These THREE Things! [From Noah]
  • Dangers of China Made Ivermectin
  • Estimated $2.2 trillion boom: WH insider calls it “Manhattan II”
  • Bayer Makes Chemicals That Cause Cancer….Then Sells You The Cure?
  • Key Charlie Kirk eyewitness silenced at Turning Point, now shut down by gag order?
  • An important message for conservative small business owners! (Sorry–link fixed)

Uk News

  • Home Secretary warns ban on family reunification puts refugees at grave risk
    Home Secretary warns ban on family reunification puts refugees at grave risk
  • Barclays earnings fall after car finance compensation bill rises by £325m
    Barclays earnings fall after car finance compensation bill rises by £325m
  • TfL urges passengers to 'avoid' entire line due to serious delays
    TfL urges passengers to ‘avoid’ entire line due to serious delays
  • David Beckham reveals moment that 'made wife Victoria cry'
    David Beckham reveals moment that ‘made wife Victoria cry’
  • Gene Hackman's Golden Globes to be auctioned
    Gene Hackman’s Golden Globes to be auctioned
  • Terrorist-turned-terrorist pop star finally appears in court after being on the run for 12 years
    Terrorist-turned-terrorist pop star finally appears in court after being on the run for 12 years
  • World
  • United States
  • India News
  • Uk
  • Canada
  • thelocalreport.in Company Details
  • Terms and Conditions
  • DNPA Code of Ethics
  • Correction Policy
  • Contact Us
  • About Us
  • Rss Feeds
©2025 thelocalreport.in | WordPress Theme by SuperbThemes