BEIJING - China has set a growth target of "around 5 percent" for 2025, the same as last year's figure, as the world's second-largest economy emphasizes expanding domestic demand with more supportive policies, according to the Government Work Report released on Wednesday.

Premier Li Qiang, who delivered the report at the opening of the third session of the 14th National People's Congress in Beijing, pledged that the country will pursue a more proactive fiscal policy and exercise a moderately loose monetary policy this year.

Li said the government has set a projected deficit-to-GDP ratio for 2025 at 4 percent, up from 3 percent for 2024.

The government started to release the annual projected deficit ratio in 2010, with the highest reading in 2020 at 3.6 percent as COVID-19 hit, according to market tracker Wind Info.

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The work report also said China will issue 1.3 trillion yuan ($178.95 billion) in ultra-long-term special treasury bonds this year, up from 1 trillion yuan for 2024. This year's quota of special local government bonds will be increased to 4.4 trillion yuan from a record high of 3.9 trillion yuan last year.

This year, China, as laid out in the report, plans to target a surveyed urban unemployment rate of around 5.5 percent, the creation of over 12 million urban jobs, and consumer price index increase of around 2 percent.

The country achieved economic growth of 5 percent in 2024 as an impactful policy package, along with other pro-growth measures, helped fuel strong economic momentum.

On a global scale, an around 5 percent growth rate places China among the world's fastest-growing major economies, with the economic increment equating to the annual output of a mid-sized nation.

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Huang Qunhui, a national political advisor from the Institute of Economics of the Chinese Academy of Social Sciences, described this year's economic growth target as scientifically grounded and realistic.

"In the face of a challenging global environment, the proactive and resilient goal suggests that China is braving uncertainties with a clear, determined approach to growth," he said.

As 2025 marks the final year of China's 14th Five-Year Plan (2021-2025) period and is also crucial to crafting the next five-year blueprint, observers believe that the government policies will not only drive sustained growth this year but also lay the groundwork for the country's modernization drive in the long run.

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Fostering high-quality development is a key focus on this year's government agenda, with priorities ranging from stimulating domestic demand to developing new quality productive forces.

"We will take a people-centered approach and place a stronger economic policy focus on improving living standards and boosting consumer spending," the report said.

Domestic demand will be made the main engine and anchor of economic growth, the report said. Ultra-long special treasury bonds totaling 300 billion yuan will be issued to support consumer goods trade-in programs.

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New quality productive forces will be nurtured in light of local conditions, according to the report. China aims to foster emerging and future industries, such as quantum technology and the low-altitude economy, accelerate the upgrading of traditional industries, and combine digital technologies including AI with manufacturing and market strengths.

With Xinhua inputs