AWANI Tonight: China vows to hit 5% growth despite U.S. tariffs

AWANI

China vows to achieve its economic growth target of around 5% for 2025, despite its ongoing trade war with the U.S. The government also plans to roll out new policies in the second quarter to respond to current economic conditions.

Transcript

00:00China has pledged to achieve its economic growth target of around 5% for 2025,

00:06despite its ongoing trade war with the US.

00:09The National Development and Reform Commission, or NDRC, China's state planner,

00:14announces plans to roll out new policies in the second quarter to respond to current economic conditions.

00:21Zhao Chenxin, deputy head of the NDRC,

00:24said the government would introduce a series of measures to shore up the employment market.

00:30These included encouraging companies to maintain stable hiring,

00:34expanding vocational training schemes, and boosting employment through public works programs.

00:40Zhao added that Beijing was stepping up efforts to implement previously announced policies,

00:44such as a scheme to boost consumption and the establishment of a venture capital guidance fund,

00:50likely to take effect over the next few months.

00:52The People's Bank of China also announced further cuts to interest rates

00:56and adjustments to the reserve requirements for commercial banks,

01:00while reaffirming its commitment to maintaining a stable yuan.

01:04The International Monetary Fund and Investment Bank Goldman Sachs

01:07recently lowered their economic growth forecast for China over 2025 and into 2026,

01:14citing the impact of Donald Trump's tariffs.

01:17In a research report published over the weekend,

01:19Goldman Sachs warned that tariffs on Chinese imports could put as many as 16 million jobs at risk in China.

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