Lan Fo’an, Minister of Finance of the People’s Republic of China | Photo credit: Bloomberg
China will take measures to achieve its annual economic growth objective of around 5 percent despite the growing tensions and commercial uncertainties, said Minister of Finance of the country in Washington earlier this week.
“China will adopt more proactive and effective macro policies to achieve the expected and continuous annual growth objective to bring stability and impulse to the global economy,” said Finance Minister Lan Fo’an, in a statement published on the Ministry’s website on Saturday. Lan also criticized commercial protectionism, asked international institutions to maintain free trade and promised that China will remain open.
China’s GDP extended 5.4 percent the last quarter of the previous year, thanks in part to the subsidies of Beijing consumers, together with the export of exports to get ahead of tariffs. Economists from institutions such as UBS Group AG, Goldman Sachs Group Inc., Citigroup Inc. and Societe General have reduced their forecasts for the growth of China in 2025 in recent weeks, to about 4 percent or less.
Lan’s comments resonated with those made by the Governor of Banco Popular de China, Pan Gongsheng, who also attends the spring meetings of the International Monetary Fund and the World Bank. The driving force of global economic growth is weak and the United States has “tariffs without meaningless, which strongly violates the legitimate rights and interests of several countries,” PAN said in a separate statement published on Saturday.
China’s economy had a good start in the first quarter of this year with a growing number of positive factors, Pan in Washington said. China’s macroconomic policies will be more proactive and effective, PAN added.
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Posted on April 26, 2025