Editor’s note: Djoomart Otorbaev, a special commentator on current affairs for CGTN, is a former prime minister of Kyrgyzstan, a professor of the Belt and Road School of Beijing Normal University, a member of Nizami Ganjavi International Center, and the author of “Central Asia’s Economic Rebirth in the Shadow of the New Great Game.” The article reflects the author’s views and not necessarily those of CGTN.

Despite the challenging domestic and international environment, China’s economy successfully achieved its growth target of 5 percent last year. It was positive news for both domestic growth and consumption and the global economy since the world’s second-largest economy continues to be an international driver, contributing approximately 30 percent to global growth.

The most important feature of China’s economic governance model, characterized by its rapid response and adaptation to the changing economic landscape, was again evident. In response to the negative economic news in the middle of last year, the government swiftly introduced a series of critical economic stimulus measures. These measures included lowering lending rates, bank reserve ratios and a substantial fiscal package of 10 trillion yuan ($1.38 trillion) to address local government debt problems.

Last year, the authorities announced the introduction of an even more proactive fiscal and moderately accommodative monetary policy. These policies were expected to enhance unconventional counter-cyclical adjustments and stimulate domestic demand. The Ministry of Finance stated that in 2025, the country would considerably increase its fiscal deficit and issue more government bonds, including super-long treasury bonds and special local government bonds.