BEIJING, June 26 (Xinhua) -- A Chinese official has asserted that the country possesses the confidence and capability necessary to mitigate the adverse impacts of external shocks on its economy, thereby sustaining sound economic development.

Li Chao, a spokesperson for the National Development and Reform Commission, noted that the external environment is becoming increasingly complex, severe, and uncertain, presenting challenges that could hinder stable growth in both the global economy and trade, which in turn may affect the stable operation of China's own economy.

In terms of performance, China's economy has shown resilience, growing by 5.4 percent year on year in the first quarter of 2025. This figure marks an increase from the 5 percent full-year growth rate observed during 2024, with the current target set for approximately 5 percent growth by year-end.

Li emphasized that existing supportive policies continue to take effect, alongside the introduction of new measures. He expressed confidence in the country's ability to manage uncertainties and external shocks, thus ensuring sustained economic growth.

Particularly noteworthy are the large-scale equipment upgrades and consumer goods trade-in programs, which are proving vital in stabilizing investment, stimulating consumption, promoting economic transformation, and enhancing the overall quality of life for the populace.

The trade-in program has yielded impressive results, as evidenced by the rapid growth in sales of household appliances, furniture, and communication devices. Sales associated with these trade-ins have exceeded 1.4 trillion yuan, roughly equivalent to 195.48 billion U.S. dollars, thus far this year.

To bolster this initiative, the government has allocated 300 billion yuan in ultra-long special treasury bonds specifically for the trade-in program in 2025. The first two funding tranches amounting to 162 billion yuan were issued in January and April, with a third tranche expected to be released in July.