Deputy Prime Minister of the State Council Ding Xuexiang attended the official opening ceremony of the "2025 Boao Forum" in Hainan Province, China on the 27th as a keynote speaker and said, "China's economy has seen a remarkable increase in difficulties and challenges last year, but it has achieved a 5% growth rate," adding, "It is showing a good trend while maintaining a stable recovery this year."
"In the first two months of this year, China's economic indicators such as industry, consumption, and investment increased higher than last year," he said. "This year, we will implement macro policies more actively to expand domestic demand in all directions." It is seen as a willingness to boost consumption and domestic demand, which are relatively slow to recover.
As if targeting the U.S., Deputy Prime Minister Ding said, "I am firmly opposed to trade and investment protectionism," and stressed, "We plan to promote stable foreign trade." "We will effectively prevent and address risks in major areas to complete our annual economic goals and tasks," he stressed. The move is aimed at minimizing the impact on China's economy by responding quickly and appropriately to Trump's tariff bombs.
It also emphasized the development of science and technology in China. Deputy Prime Minister Ding said, "We are accelerating the high level of science and technology independence. Along with the rapid development of the electric vehicle industry, new industries such as artificial intelligence (AI), bio, and quantum will also be activated." In addition, he said that the business environment has been optimized through full-scale reform and opening, and that he will continue to expand foreign capital's entry into the market.
Recently, the Chinese leadership has been confident of its economic growth. At the annual largest political event, held earlier this month, Prime Minister Li Chang of the State Council, said, "China's economy is showing a stable trend," suggesting the same "around 5%" as last year's economic growth target.
On the 23rd, he attended the China Development High-Level Forum and said, "China's science and technology development achievements are the result of a long-term focus on innovative development," adding, "The reason we set this year's growth target of around 5% is because of our firm belief in the growth potential of the Chinese economy." He also expressed confidence in concerns about slowing growth due to the tariff war.
At the same time, at this year's Boao Forum, there were strong criticisms of the Trump administration. "Anti-globalization has recently become serious, and unilateralism and protectionism are seriously affecting free trade," Wang Huiyao, former chairman of the State Council and globalization think tank, said in a session on the 26th.
"Some countries are politicizing economic and trade issues and adopting pan-security policies to affect global supply chains," he added. Although it did not mention a specific country, the remarks were actually aimed at the United States.
[Bao correspondent Song Kwang-seop]
