China's government advisers advocate for 2025 growth target of around 5%

Four Chinese government advisers advocated for a 2025 growth target of around 5%, similar to this year, Reuters reported on Thursday.  

One Chinese government adviser pressed for a growth target of 'above 4%' while another recommended a 4.5%-5% range.

They said “a higher budget deficit could mitigate the impact of expected US tariffs.”

"It's entirely possible to offset the impact of Trump’s tariffs on China’s exports by further expanding domestic demand," said Yu Yongding, one of the advisers and a government economist who advocates for a roughly 5% goal.

"We should adopt stronger fiscal policy next year," said Yu, adding the budget deficit "should definitely exceed" this year's planned level of 3% of gross domestic product (GDP).