New Delhi, March 5 The Congress stated on Thursday that there are clear downward pressures on China's GDP growth, which are now structural in nature, but there is nothing for India to celebrate as its economy is much larger and the trade deficit with China is rising.
Congress general secretary Jairam Ramesh said that China has just announced its GDP growth target for 2026-30 at 4.5 to 5 per cent, the first time in almost four decades that it has fallen below 5 per cent.
"It is now focusing on 'quality' of growth, anchored in technological innovation. However, there is no room for celebration here since the Chinese economy is almost four and a half to five times larger than India's," Ramesh said in a post on X.
"There are clearly downward pressures on China's GDP growth that are now structural in nature. But at the same time, China's trade surplus is at record levels, which shows that exports continue to be a key pillar of its economic strategy. India's trade deficit with China reached new highs in 2025," the Congress leader said.
China lowered its GDP target to 4.5 to 5 per cent for this year on Thursday, in the face of Trump's trade tariff war, the worsening global crisis following the US-Iran war, and headwinds in the domestic economy due to the property market slump and unemployment crisis.
The target, close to that of last year, was announced by Chinese Premier Li Qiang in his work report presented to the annual National People's Congress (NPC), the country's parliament, which opened here on Thursday.
China has been setting a five per cent target for the GDP for the last three years amid growing domestic economic challenges. This year, the target is lowered to 4.5 per cent to 5 for the first time.
China's economy grew by 5 per cent last year, reaching USD 20.01 trillion, riding high on robust exports despite US tariffs, while domestic consumption, its biggest challenge, remained sluggish.
