Zheng Shanjie, head of the National Development and Reform Commission, Lan Fo'an, minister of finance, Wang Wentao, minister of commerce, Pan Gongsheng, governor of the People's Bank of China, and Wu Qing, chairman of the China Securities Regulatory Commission, attend a press conference on economy for the third session of the 14th National People's Congress (NPC) in Beijing, capital of China, March 6, 2025. [Photo/Xinhua]

China is fully confident in achieving the economic growth target of around 5 percent this year as there is solid foundation, support and guarantee, Zheng Shanjie, head of the National Development and Reform Commission, told a press conference on Thursday.

Describing last year's economic performance as satisfactory, Zheng said that the Chinese economy has shown strong resilience and vitality, laying a solid foundation for this year's development.

In 2025, China will step up efforts to boost consumer spending, Zheng said. The country will allocate 300 billion yuan (about 41.8 billion U.S. dollars) to support the consumer goods trade-in program this year, up from 150 billion yuan in 2024, with the scope of the program to be expanded.

According to Zheng, a special action plan aimed at boosting consumption has recently been formulated by multiple departments and will be made public soon.

Effective investment will also be expanded this year, he said, noting that the country will support investment by private enterprises in emerging industries and industries of the future.

China last year recommended over 8,000 projects to private investors to encourage their investment, he said, noting that the country will introduce a number of major projects that will be attractive to private capital in sectors including railways, nuclear power, water conservancy, major scientific and technological infrastructure this year.