BEIJING - A Chinese official said on Thursday that the country has the confidence and capability to mitigate the adverse impacts of external shocks on its economy and sustain sound economic development.

The external environment is growing more complex, severe and uncertain, posing challenges to the stable growth of the global economy and trade, all of which may impact the steady operation of China's economy, said Li Chao, spokesperson with the National Development and Reform Commission (NDRC), the country's top economic planner.

China's economy grew by 5.4 percent year-on-year in the first quarter of 2025, up from the 5 percent full-year growth rate recorded in 2024. It is targeting full-year economic growth of about 5 percent this year.

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With existing supportive policies continuing to take effect while new measures being rolled out, "we have the confidence and capability to mitigate the uncertainties and adverse impacts of external shocks, and sustain sound economic growth," Li told a press conference.

In particular, Li said, the country's large-scale equipment upgrades and consumer goods trade-in programs have played a growing role in stabilizing investment, stimulating consumption, promoting economic transformation and improving people's livelihood.

Boosted by the consumer goods trade-in program, sales of household appliances, furniture and communication devices have registered rapid growth, with sales related to trade-ins surpassing 1.4 trillion yuan (about $195.48 billion) so far this year, she said.

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The country has earmarked 300 billion yuan in ultra-long special treasury bonds to support the program in 2025, with the first two tranches of the funding, totaling 162 billion yuan, issued in January and April. The third batch of the funding will be allocated in July to support the implementation of the program, Li said.