China vows to achieve its economic growth target of around 5% for 2025, despite its ongoing trade war with the U.S. The government also plans to roll out new policies in the second quarter to respond to current economic conditions.
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00:00China has pledged to achieve its economic growth target of around 5% for 2025,
00:06despite its ongoing trade war with the US.
00:09The National Development and Reform Commission, or NDRC, China's state planner,
00:14announces plans to roll out new policies in the second quarter to respond to current economic conditions.
00:21Zhao Chenxin, deputy head of the NDRC,
00:24said the government would introduce a series of measures to shore up the employment market.
00:30These included encouraging companies to maintain stable hiring,
00:34expanding vocational training schemes, and boosting employment through public works programs.
00:40Zhao added that Beijing was stepping up efforts to implement previously announced policies,
00:44such as a scheme to boost consumption and the establishment of a venture capital guidance fund,
00:50likely to take effect over the next few months.
00:52The People's Bank of China also announced further cuts to interest rates
00:56and adjustments to the reserve requirements for commercial banks,
01:00while reaffirming its commitment to maintaining a stable yuan.
01:04The International Monetary Fund and Investment Bank Goldman Sachs
01:07recently lowered their economic growth forecast for China over 2025 and into 2026,
01:14citing the impact of Donald Trump's tariffs.
01:17In a research report published over the weekend,
01:19Goldman Sachs warned that tariffs on Chinese imports could put as many as 16 million jobs at risk in China.