Last month marked my third time attending the annual “Two Sessions” in Beijing. This year’s meetings were particularly significant, given volatile geopolitics and evolving U.S.-Sino relations. Furthermore, 2025 is the final year in the 14th Five-Year Plan (2021-2025), which lays a solid foundation for the upcoming 15th Five-Year Plan (2026-2030).
In 2024, China achieved a GDP of RMB 134.9 trillion, reflecting a growth rate of 5%, and contributing approximately 30% to global economic growth. Notable accomplishments include record foreign trade figures, foreign exchange reserves exceeding US$3.2 trillion, and a technological boom, from artificial intelligence to the Chang’e-6 lunar exploration.
With projected GDP growth of 5% in 2025, surpassing the IMF’s forecast of 4.6%, China has announced robust policies aimed at boosting domestic consumption, which is the top task in the Government Work Report this year. Next is the development of new quality productive forces in light of local conditions, followed by revitalizing the nation through science and education. These strategies aim to mitigate risks and create a resilient economy capable of withstanding external shocks.
To stimulate consumption, the consumer goods trade-in programme has been expanded, supported by ultra-long special treasury bonds totalling RMB 300 billion. Other measures include increasing the employment rate and raising the minimum wage.
A raft of proactive fiscal policies will be implemented to maintain financial stability, including new Government debt of RMB 11.86 trillion, while comprehensive opening-up measures will encourage foreign investment.
The Central Government has also pledged support for Hong Kong and Macao in developing their economies and improving people’s livelihoods. In the Government Work Report, Premier Li Qiang underscored the necessity for greater integration of Hong Kong and Macao into national development, with special emphasis this time on deepening international cooperation and exchanges.
Overall, the push for accelerated national development aligns with President Xi Jinping’s vision to consolidate Hong Kong’s status as an international financial centre and a trade, transportation and talent hub.
Our meetings with senior officials in Beijing reinforced the interconnectedness of these goals under the “One Country, Two Systems” framework. These discussions highlighted Hong Kong’s role as a super-connector between the Mainland and the world. Additionally, Hong Kong is seeking to join the Regional Comprehensive Economic Partnership (RCEP) to expand its network within regions such as ASEAN and Belt & Road countries. Closer collaboration with the Greater Bay Area is also essential for mutual benefits.
Last but not least, we must share good stories about China and Hong Kong with the world, which is one of the objectives of the Chamber’s business mission to the U.S. this month.
Leveraging the country’s certainty to stabilize global uncertainty is crucial. By aligning our goals with national objectives, Hong Kong can confidently carve a path to a prosperous future.
Agnes Chan
chairman@chamber.org.hk