However, Zhao Chenxin, vice head of the National Development and Reform Commission (NDRC), China’s state planner, said he was “fully confident” the country will achieve its economic growth target of around 5% for 2025.
“The achievements of the first quarter have laid a solid foundation for the economic development of the whole year,“ Zhao said. “No matter how the international situation changes, we will anchor our development goals, maintain strategic focus and concentrate on doing our own thing.”
The International Monetary Fund, Goldman Sachs and UBS all recently revised down their economic growth forecasts for China over 2025 and into 2026, citing the impact of Trump’s tariffs - none of them expect the economy to hit Beijing’s official growth target.
Chinese President Xi Jinping has toured Southeast Asia and other officials have intensified diplomatic outreach to unite countries against Trump’s tariff offensive. Beijing has also threatened retaliation against capitals siding with Washington.
Analysts expect Beijing to deliver more monetary and fiscal stimulus over the coming months to underpin growth.
The PBOC last cut its main policy rate in September, lowering its 7-day reverse repo rate by 20 basis points.
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