“The economy is expected to have grown to about ¥140 trillion (US$20 trillion) in 2025,” Xi said in his address at a New Year’s tea party of top Chinese Communist Party officials, state broadcaster CCTV said.

“Our country’s economy is expected to move forward under pressure…showing strong resilience and vitality,” Xi said in his speech.

“The country will promote effective qualitative improvement and reasonable quantitative growth in the economy,” Xi said, while maintaining social harmony and stability.

China’s economy is expected to meet its “around 5%” growth target for 2025, even as momentum faltered towards year-end, weighed down by soft household consumption, persistent deflation and a prolonged property sector crisis.

Xi’s message reinforces recent government pledges to roll out measures for boosting people’s incomes and supporting consumption and investment to drive growth.

The central government has allocated ¥62.5 billion from special treasury bond proceeds to local governments to fund the consumer goods trade-in scheme next year, confirming that Beijing would continue to spur household demand through the programme.

China’s state planner has also released early investment plans for 2026, including two major construction projects, involving about ¥295 billion in central budget funding, in its latest effort to boost investment and support economic growth.