China targets 'around 5%' GDP growth in 2025 and lays out stimulus measures as trade worries mount

China set its GDP growth target for 2025 at “around 5%” and raised its budget deficit target to “around 4%” of GDP to boost its economy amid trade tensions with the U.S. The government plans to issue 1.3 trillion yuan in ultra-long-term special treasury bonds, expand the consumer goods trade-in program, and keep the urban unemployment rate at around 5.5% while adding more than 12 million jobs in urban areas. The annual parliamentary gathering, known as the “Two Sessions,” is ongoing, with the National People’s Congress expected to wrap up its annual session on March 11.

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