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Report
Li Qiang delivers good economic news at the Two Sessions
CGTN Europe
Follow
05/03/2025
GDP growth up 5%. 12 million new urban jobs. Per capita income up 5.1%.
It was good economic news all round from Chinese Premier Li Qiang at the Two Sessions in Beijing.
#2025ChinaAgenda #China #Chinanews #economy #ChinaEconomy
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News
Transcript
Display full video transcript
00:00
Well, the report takes us through a review of the last year, and I've got quite a few
00:05
numbers to go through here. So Premier Li said China had ensured a stable economic performance
00:11
in the last year, with GDP rising to over 18.5 trillion US dollars, growing by 5% year
00:20
on year. He said that 12.56 million urban jobs had been created and that the urban unemployment
00:26
rate was at 5.1%. The consumer price index increased by 0.2%. Now in foreign trade that
00:34
reached a record high with foreign exchange reserves surpassing $3.2 trillion. Premier
00:41
Li reported that per capita disposable income in the country grew by 5.1% in real terms.
00:48
Grain output had hit a new high of 700 million metric tons. He talked about high tech manufacturing
00:55
and equipment manufacturing. Those rose by 8.9 and 7.7% respectively. And sales of new
01:02
energy vehicles were highlighted in this report. They passed the 13 million sales mark. Energy
01:09
consumption per unit of GDP that dropped by more than 3%. And the report outlined how
01:15
China's strengthening environmental protection and promoting green and low carbon development.
01:21
Energy in China generated by non-fossil fuel sources now accounts for almost 40% of total
01:27
power generation. He said the value of added to core industries for the digital economy
01:33
rose to about 10% of GDP. Now the work report doesn't just look back, it's going to look
01:39
ahead to the coming year. And expected targets were outlined by Premier Li. Let's take a
01:44
listen to what he is saying for the year ahead.
01:48
The main targets for development this year are projected as follows. GDP growth of around
01:53
5%. Surveyed urban unemployment rate of around 5.5%. Over 12 million new urban jobs. CPI
02:02
increase of around 2%. In setting the growth rate at around 5%, we have taken to account
02:08
the need to stabilize employment, prevent risks and improve the people's well-being
02:13
as well as the potential for growth and conditions supporting growth. A target of around 5% is
02:20
well aligned with our mid and long development goals and underscores our resolve to meet
02:25
difficulties head on and strive hard to deliver.
02:32
Now the difficulties that Premier Li are referring to, he said, are both internal and external.
02:37
He said internally, China had faced sluggish economic demand and other issues. Consumer
02:42
demand was sluggish. He cited other instances like natural disasters including flooding
02:47
which made economic stability difficult to maintain. Now externally, Premier Li said
02:53
changes unseen in a century are unfolding around the world. He said the global environment
02:58
currently is complex. And now while he didn't refer directly to the United States, the potential
03:03
trade war between the two countries is certainly on the minds of many people who are watching
03:07
here in Beijing.
03:09
Jen, this report says China will keep the innovation-driven development. What exactly
03:14
does that mean?
03:19
Yes, Premier Li said that China would unleash the creativity of the digital economy and
03:24
said that this would accelerate innovation-driven development. Now this involves a lot to do
03:29
with artificial intelligence. He outlined the AI plus initiative that will combine China's
03:35
digital technologies and manufacturing strengths. So he said that China will support the extensive
03:40
application of large-scale AI models. They will develop new smart manufacturing equipment
03:46
with newly intelligent connected energy vehicles. That's things like autonomous driving, AI-enabled
03:52
phones and computers and intelligent robots. Indeed, we've been talking to people who are
03:56
saying that is really the future here is these AI-enabled robots. He said this would be done
04:01
by promoting broader application of technologies like 5G, optimizing the layout of computer
04:06
resourcing throughout China and creating these competitive digital clusters, supporting talented
04:12
young people. He spoke about involving young people at more high levels and rewarding them
04:17
financially for their work to encourage talent growth, homegrown talent in China. So there's
04:21
a lot of opportunities for the next innovators of companies like DeepSeek to flourish and
04:26
contribute to what he called Chinese creativity in the world.
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