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Invest Shanghai
China will continue to intensify its macroeconomic policy efforts in a timely and targeted manner in the second half of 2025, with the aim of meeting its full-year economic and social development targets, the Ministry of Finance (MOF) said on Thursday.
This marks the latest commitment by the world's second-largest economy to stabilizing expectations for the second half of the year, following a strong showing in trade and economic indicators in the first half that has prompted a wave of upbeat assessments from major international institutions.
An MOF spokesperson made the remarks at a regular press briefing in response to S&P Global's decision to maintain China's sovereign credit rating and outlook. The spokesperson said that S&P's report acknowledged the resilience of China's economic growth and the effectiveness of its debt management, reflecting the agency's confidence in the country's economic prospects.
In the second half, the spokesperson said that China will maintain the consistency and stability of its macro policies while enhancing their flexibility and foresight. Priority will be given to stabilizing employment, businesses, markets and expectations, and to promoting the dual circulation strategy — deepening the integration between the domestic and international markets — to ensure the country delivers on its 2025 development targets and concludes the 14th Five-Year Plan period (2021-25) on a high note, according to the MOF.
In the first half of 2025, China rolled out a combination of policy tools to navigate an increasingly complex external environment, helping the economy maintain steady progress, the spokesperson said. Key indicators outperformed expectations, with new quality productive forces gaining momentum, social safety nets being further reinforced, and the overall economy demonstrating strong dynamism and resilience.
China's GDP expanded 5.3 percent in the first half, up 0.3 percentage points from the full-year growth rate in 2024. The IMF recently raised its forecast for China's 2025 economic growth to 4.8 percent, an upward revision of 0.8 percentage points from its April projection, according to the ministry.
The MOF stressed that the long-term fundamentals of China's economy remain sound, supported by multiple structural advantages, including the country's institutional strengths, massive domestic market, complete industrial system and abundant human resources. These factors continue to provide a solid foundation for high-quality development.
China will continue to boost internal growth momentum and adjust its policy reserves in a timely and flexible manner in response to evolving domestic and global conditions, the ministry said, vowing to keep the economy on a steady upward trajectory and contribute to global economic growth.
A State Council executive meeting held on July 31 called for consolidating and boosting the momentum of economic recovery in the second half of the year, the Xinhua News Agency reported.
At the meeting, multiple government departments laid out plans for economic work in the second half of the year, aiming to meet annual development targets. Efforts will focus on enhancing the effectiveness of macro policies, with priorities including stabilizing employment, boosting consumption, and firmly advancing high-level opening-up.
By steadily deploying a mix of macroeconomic policies, the Chinese government has effectively navigated external uncertainties, helping sustain steady economic momentum, Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times. "At a time when many major economies are grappling with high inflation and sluggish growth, China's performance stands out."
International rating agencies have long faced criticism for favoring Western advanced economies, while taking a more cautious stance toward developing countries, Bian said. In this context, S&P's positive assessment of China's economy and debt management stands out, offering a more balanced recognition of the country's policy effectiveness and economic resilience amid global uncertainty, he said.
"This trend reflects a broader recognition of China's structural strengths," Bian said.
Commenting on future policy priorities, Bian underscored the importance of vocational education and skills training. He called for greater investment in technical education and the promotion of craftsmanship to ensure a steady pipeline of talent for the high-quality development of China's manufacturing sector.