China to adopt more proactive macroeconomic policies

China will adopt more proactive macroeconomic policies and is confident of achieving its economic growth target of around 5 percent for 2025, China's Finance Minister Lan Fo'an said at the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), according to the Ministry of Finance on Tuesday.

Lan said that China is a beneficiary of and contributor to economic globalization. In recent years, its contribution to global economic growth has remained at about 30 percent. He noted that China's economy has gotten off to a good start this year, with GDP growing by 5.4 percent year-on-year in the first quarter of this year.

China will adopt more proactive macroeconomic policies and is confident that it will achieve the growth target of around 5 percent in 2025, Lan said.

China will continue to build a unified domestic market, expand high-level opening-up, share China's development opportunities and dividends with the world, especially Asia-Pacific countries, work together to meet the challenges of the times, and create a better future for the Asia Pacific, Lan added. 

Lan said that the current international situation is becoming more turbulent and chaotic, and unilateralism and protectionism are on the rise. In particular, a certain country has recently launched tariff war and trade war, which have brought unprecedented huge risks to the global economy, the Chinese finance minister said.  

All members should work together, uphold the spirit of openness, inclusiveness, unity and cooperation, respect the rules of multilateral institutions, and inject more certainty and positive energy into global economic development, Lan said.

The Chinese side calls on the ADB to hold high the banner of multilateralism, play the role of a multilateral cooperation platform, promote all members to strengthen policy coordination, help developing members accelerate their economic development and deepen regional cooperation, Lan said.

The 58th Annual Meeting of the Board of Governors of the ADB is being held in Milan, Italy from Sunday to Wednesday, according to the Ministry of Finance.