China 'fully confident' of achieving 5% growth target despite trade war with US

ISTANBUL

China is “fully confident” it will achieve its 5% economic growth target for 2025, despite ongoing trade tensions with the US, a senior official said at a news conference Monday.

“We still have ample policy reserves and plenty of policy space,” Deputy Head of the National Development and Reform Commission Zhao Chenxin was quoted as saying by the Global Times.

Zhao emphasized that regardless of changes in the international landscape, China remains committed to its domestic development goals, maintaining strategic resolve, and concentrating on managing its own affairs well.

"We are fully confident in achieving this year’s economic and social development targets," he said.

Zhao also shared Beijing’s plans to boost employment by encouraging stable hiring practices, expanding vocational training programs, strengthening public employment services, and increasing support through public works projects.

Separately, China's Central Bank Deputy Governor Zou Lan said on Monday that the People’s Bank of China will adjust the reserve requirement ratio and interest rates at an appropriate time, based on both domestic and global economic conditions and financial market performance.

Zou added that the central bank is exploring ways to expand its policy tools and will implement incremental policies as needed to support employment, businesses, markets, and economic expectations.

In response to a question about the impact of the US Treasury and US dollar exchange rate volatility on the Chinese market, he said China's foreign exchange reserves are managed according to market-oriented and professional principles in international financial markets.

Fluctuations in any particular market or asset have little overall impact on China's foreign exchange reserves, Zou added.