Cargo ships load and unload containers at Lianyungang Port, China

Shippin’ on the dock of the bayPhotograph: Wang Chun/Xinhua/eyevine

Jan 19th 2026|HONG KONG|5 min read

IN A CHAOTIC world, China did the predictable thing. Its economy met the official growth target for 2025, according to figures released on January 19th, just as it had the year before and the year before that. GDP grew by 5%, although China’s population fell even faster than forecast. Growth was boosted by a record trade surplus, which reached almost $1.2trn, despite the country’s tariff war with America (see chart 1).

Signage for Mizuho Bank Ltd., a unit of Mizuho Financial Group Inc. (MHFG), at one of the bank's branches in Tokyo, Japan.

China hits its GDP target—in a weird way