Clear downward pressures on China's GDP growth, but nothing for India to celebrate: Cong

New Delhi, Mar 5 (PTI) The Congress on Thursday said 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 India is rising.

Congress general secretary Jairam Ramesh said China has just announced its GDP growth target for 2026-30 at 4.5 per cent-5 per cent, the first time in almost four decades that it has dropped below 5 per cent.

"It is now stressing 'quality' of growth anchored in technological innovation. There is, however, 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 that shows that exports continue to be a key pillar of its economic strategy. India's trade deficit with China, for example, reached new highs in 2025," the Congress leader said.

China on Thursday lowered its GDP target to 4.5 to 5 per cent for this year in the face of Trump's trade tariff war, the worsening global crisis following the US-Iran war and headwinds in the domestic economy, owing to 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 to USD 20.01 trillion, riding high on the robust exports despite US tariffs, while domestic consumption, its bugbear, remained sluggish. PTI SKC ZMN