China’s economic plans for 2025 were unveiled at the National People’s Congress in early March – with its growth target unchanged. The economic backdrop this year is a challenging one – China’s economy continues to face substantial headwinds from the property sector downturn, subdued domestic demand, demographic decline and growing trade barriers. The Trump Administration has moved quickly to implement tariffs, with an increase of over 20% (on imports from China) at the time of writing, with the potential for further measures to come in April (and possibly beyond).

In response, China’s State Council unveiled a 30-point plan to boost consumption in mid-March. While there are some positive sentiments in this proposal, how this plan will actually be implemented is somewhat unclear, with a risk that it could further expand the existing imbalances in China’s economy.

For further details, please see the China Economic Update (March 2025)