China Targets 5% Economic Growth Amid Global Uncertainty

China's economy is set to grow by 5% this year, contributing to 30% of global growth. Deputy Director Han Wenxiu emphasized boosting domestic consumption and maintaining economic stability through policy adjustments. The government plans to issue more debt and loosen monetary policy amid ongoing trade tensions with the U.S.

China's economy is on track to expand by approximately 5% this year, as disclosed by Han Wenxiu, the deputy director of the central financial and economic affairs commission. This growth supports nearly 30% of the global economic progress, he revealed during an economic conference.

Addressing the need to invigorate domestic consumption, Han highlighted the importance of viewing domestic demand expansion as a strategic long-term focus to drive economic growth. The country aims to stabilize growth through fiscal and monetary policy adaptations, acknowledging potential trade challenges with the United States.

In response to these challenges, China has committed to issuing additional debt and adjusting its monetary policy. Despite anticipated economic headwinds, China's foreign exchange reserves are expected to stay above $3.2 trillion, with employment and prices predicted to remain stable.

(With inputs from agencies.)