In his New Year’s address aired on Tuesday, President Xi Jinping said China will prioritize economic growth and overcome domestic difficulties and external headwinds in 2025.
“Today’s economy faces new challenges, including uncertainties in the external environment and pressures from the transition between old and new energy,” Xi said in a televised message.
“But these challenges can be overcome with hard work. We have always come out stronger through adversity, so we must remain confident.”
Growth is on track to meet government targets, with President Xi saying China’s gross domestic product (GDP) is expected to exceed 130 trillion yuan (US$17.8 trillion) this year. This is an increase from last year’s 129.4 trillion yuan.
Focusing on economic growth, President Xi emphasized new energy vehicles, noting that this year the industry’s production exceeded 10 million vehicles for the first time.
