Xi Jinping predicts 5% growth for the Chinese economy.

The President of China, Xi Jinping, stated that in 2024, the country's gross domestic product (GDP) will grow by a significant 5%, the second highest in the world, indicating the achievement of the official economic target.

According to Bloomberg, Xi described the Chinese economy as stable with a slightly slowing pace of progress during his speech on Tuesday. He emphasized that risks in key areas have been 'effectively addressed', and employment and price levels have 'remained stable', reported Economic Truth.

The exact GDP growth figure will be known next month, but this speech by Xi summarizes a year of economic uncertainty. Initially, the growth target was perceived as 'a plan without a clear calculation'.

The situation is improving following government stimuli introduced since late September. Economists are currently predicting a growth of 4.8% by the end of 2024.

In his New Year address, Xi stated that support for the economy will continue into 2025, calling for a more proactive macroeconomic policy.

Chinese leaders have previously stated their readiness to implement more active stimulus measures to help offset the potential impact of US tariff increases if Donald Trump reinstates these restrictions in the coming month.

The official GDP growth target for 2025 will be announced in March during the annual legislative sessions.