China promised this week it will hit its 5% growth goal for 2025, even as trade tensions with the US keep getting worse. Finance Minister Lan Fo’an said in Washington that China would roll out “more proactive and effective macro policies” to reach its target and help stabilize the global economy, according to a statement posted on the Ministry of Finance’s website on Saturday. Lan also attacked the rise of trade protectionism and called on global institutions to defend free trade rules. He said China would stay open to international markets despite growing barriers. China’s economy grew 5.4% last quarter compared to a year earlier. That boost came from consumer subsidies and a rush to export goods before more US tariffs took effect. Still, big names like UBS, Goldman Sachs, Citigroup, and Societe Generale have cut their growth forecasts for China’s 2025 economy to around 4% or even lower. Those doubts didn’t stop Lan, who repeated that China will make sure to hit the 5% number by pushing harder on economic support policies. China slams tariffs and leans on World Bank allies People’s Bank of China Governor Pan Gongsheng backed up Lan’s position at the International Monetary Fund and World Bank meetings. Pan said the driving force behind global growth is weak and blamed the US for “wantonly imposing tariffs, seriously infringing upon the legitimate rights and interests of various countries,” in a separate statement posted on the central bank’s website. Pan added that China had a good start to 2025 with more positive economic signs and promised that macro policies would be even more proactive this year. Foreign Minister Wang Yi also spoke out against US trade moves during a China-Central Asia meeting in Kazakhstan. Wang said Beijing would stick to international rules, stand against protectionism, and push other countries to join them. He said the US showed “extreme egoism” and accused it of bullying other nations. The Foreign Ministry posted Wang’s comments, where he said China will work with others to “inject stability into the world” by standing for multilateralism. Confusion over US-China trade talks continued. US President Donald Trump claimed in an interview on Friday that negotiations were happening. But Beijing denied any such talks were underway, showing once again that the two sides aren’t even on the same page about basic facts. In Washington, Lan attended meetings where officials agreed that the World Bank should better use its resources to support private sector growth in critical sectors like infrastructure, energy, and manufacturing. They pushed the Bank to move faster with reforms, boost its financing operations, and stick to the Lima Principles while moving toward the 2025 equity review. Lan praised the World Bank’s goal of promoting jobs to help poor countries break free from poverty. He also quoted President Xi Jinping, who said China wants to invest more resources in trade and cooperation to help developing countries modernize. Xi called for fewer “small yards and high walls” and more bridges between countries to create prosperity. Lan said trade protectionism is creating huge risks for global poverty reduction and development. He asked organizations like the World Bank to keep pushing the principles of free and non-discriminatory trade. Lan stressed that China has been a major player in global economic growth, contributing around 30% over the last few years. China’s long-term plan, according to Lan, includes sticking with reforms, opening up even more, and giving zero-tariff access to all products from the world’s least developed countries that have diplomatic ties with Beijing. He said China will continue to share its massive domestic market with the world to ensure mutual benefits. Lan also joined the Global Sovereign Debt Roundtable, a top-level meeting where finance ministers talked about how to fix problems with debt vulnerabilities and liquidity for developing countries. Lan exchanged ideas with other countries to find ways to boost financial stability without adding more pressure on weak economies. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
