This year China's gross domestic product (GDP) growth rate will be around 5 percent. Prime Minister Li Qiang presented this goal in the third plenary session of the 14th National People's Congress (NPC) in Beijing on Wednesday.

In the government work report submitted for review, it is said that the deficit will be 56 trillion 60 billion yuan in 2025, which is 16 trillion yuan more than last year . Likewise, the loss ratio will be around 4 percent, which is 1 percent higher than last year . The surveyed urban unemployment rate for 2025 is set at around 5.5 percent while the CPI is set at around two percent in 2025 . As mentioned in the

report, China will implement a more active fiscal policy this year . The general public's budget expenditure will be 297 trillion yuan, which is 12 trillion yuan more than last year .

This year, China will issue 13 trillion yuan worth of ultra-long-term special government bonds, up 3 trillion yuan from last year . In addition, China will issue 5 trillion yuan of special government bonds to supply capital to large state-owned commercial banks.

China will adopt moderately loose monetary policy . Healthy development of real estate and stock market will be promoted while technological innovation, green growth, consumption promotion and private, small and micro enterprises will be supported .

There are many uncertainties in the world but one certainty is China's stable and dynamic economic growth . China's GDP is on track to grow by at least 5 percent in 2025, contributing more than 30 percent to global expansion and maintaining its position as a key driver of global growth  Global Times has written .

Justin Yifu Lin, a member of the 14th National Committee of the Chinese People's Political Consultative Conference and Dean of the Institute of New Structural Economics of Peking University, told the media that this is good news not only for China but for the whole world. He was also a former chief economist for the World Bank. He asserted that although China will face challenges in 2025, China still has solid prospects for stable growth. The

report offers key expected growth targets for 2025 . 5 percent GDP growth, urban unemployment rate of about 5.5 percent, more than 12 million new urban jobs, consumer price growth of about 2 percent, basic balance of international payments, 7 trillion kg of grain production is also emphasized in the report . According to experts, it is a good trend to base China's GDP growth rate this year on factors such as employment stability and risks, recent economic recovery, consumption and cultural tourism. In addition, the report emphasizes high-quality development, building a modern industrial system, green and low-carbon emissions, innovation and improvement.