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Xi says China’s economy on course to expand by 5% despite Trump concerns

www.theguardian.com 31-12-2024 12:58 1 Minutes reading

President seeks to allay fears that world’s second-largest economy will falter in 2025 because of high US tariffs

China’s economy is on course to expand by 5% in 2025, according to its president, Xi Jinping, meeting official growth targets and rebutting concerns that Donald Trump’s incoming US administration will harm Beijing’s prospects in the new year.

Using his annual address to the nation, Xi sought to allay fears that the world’s second-largest economy would falter over the next 12 months after the government battled to prevent a slide towards recession during 2024.

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One of the biggest political battles of the future began to take shape in 2024, yet it did not centre on Westminster. Instead, try Grangemouth in central Scotland, Port Talbot in south Wales and Luton in the south of England. Their stories were not front-page staples, but each was of huge significance – locally, nationally and economically.

Grangemouth is Scotland’s sole oil refinery, whose owners confirmed in September that it would shut, to be replaced by a terminal taking in imported fuel – with nearly 400 workers losing their jobs. In the last days of September, the only remaining blast furnace at Port Talbot was shut down, as part of a restructuring that will cost 2,800 employees their jobs. At the end of November, staff at Vauxhall in Luton were told the plant would shut, ending 120 years of the carmaker’s association with the town and putting between 1,100 and 2,000 jobs at risk. One result was two days of protests in the town a week before Christmas.

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