The Great Hall of the People in Beijing, capital of China. [Photo/Xinhua]

China's development agenda for 2025 unveiled Wednesday at the annual national legislature session fans optimism for all -- it's expected to not only consolidate the recovery of the world's second-largest economy, but also provide a much-needed boost to a global economy grappling with persistent challenges.

Stabilizer for global growth 

China plans to expand its economy by around 5 percent in 2025, unchanged from the target set for 2024, according to a government work report submitted Wednesday to the national legislature for deliberation.

A 5-percent growth in China equates to about one third of the global growth, Danilo Türk, former president of Slovenia, as well as president of Club de Madrid, told Chinese media. "If we think about this, we can see the stabilizing effect of Chinese growth, and its stable growth benefits the whole world."

Earlier this year, the World Economic Forum (WEF) predicted a global economy under considerable strain, with 56 percent of the surveyed chief economists expecting the global economy to weaken in the year ahead.

In response to the shifting economic landscape complicated by weak demand and rising trade tensions, China has intensified its pro-growth policies since last September, yielding positive results. This year, China will apply a moderately loose monetary policy and a more proactive fiscal policy, raising the deficit-to-GDP ratio to around 4 percent. Concerted efforts will be made to facilitate policy implementation and guide expectations.

Catalyst for change 

Amid sluggish global growth, international organizations have called for structural reforms to unlock economic potential and ensure sustainable development. In January, the International Monetary Fund emphasized the need for decisive policy actions to enhance economic dynamism, boost the supply side, and address medium-term growth risks.

China has long pursued structural reforms to push for a greener, smarter, and more inclusive economy. John Quelch, executive vice chancellor of Duke Kunshan University, observed that the most notable feature of China's economic development policy is its long-term focus, which ensures positive outcomes.

In 2025, China plans to implement guidelines on developing a unified national market and release a revised negative list for market access to stimulate market innovation and development.

The government work report also emphasized fostering new quality productive forces, vowing support for funding for industries of the future, and the extensive application of large-scale artificial intelligence (AI) models.

Such efforts are cultivating new growth drivers for the world economy. For instance, the rise of China's electric and smart vehicles has accelerated the global automotive industry's green and intelligent transformation. Meanwhile, promoting AI technologies, such as DeepSeek, has allowed industries worldwide to harness the benefits of the digital economy.

Borge Brende, president and CEO of the WEF, is upbeat about China's medium and long-term economic prospects, highlighting AI as a strong force reshaping global economic growth. "If you apply AI in a good way, it can increase productivity by 10 percent in the coming decade. That means a lot of prosperity for those that are able to implement it in a strategic way."

Pillar for cooperation 

Despite rising trade protectionism and decoupling attempts overseas, China has reiterated its commitment to high-standard opening up, sharing the benefits of cooperative development through expanding trade and two-way investment.

The government work report said the country will further develop green and digital trade and support localities where conditions permit in developing new types of offshore trade. Trials to open sectors such as telecommunications, medical services and education will be expanded, while foreign investors will receive support in collaborating with upstream and downstream enterprises in industrial chains.

With a population of over 1.4 billion, including more than 400 million middle-income consumers, China represents a massive and rapidly growing market. A survey by the American Chamber of Commerce in China revealed that nearly 70 percent of consumer industry respondents plan to increase investments in China in 2025.

Lin Yong, a national political advisor from the Hong Kong Trade Development Council, said the global investors' move to expand presence in China "makes business sense" as the Chinese market can yield returns for them.

"It's important that China shows to the world that it will open more its economy," said Carlos Aquino, director of the Center for Asian Studies at Peru's National University of San Marcos, citing the hosting of the China International Import Expo as an example, which benefits both Chinese consumers and the rest of the world by promoting imports.