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By Aidoghie Paulinus
Chinese Premier, Li Qiang, delivered the government work report at the opening meeting of the third session of the 14th National People’s Congress in Beijing on March 5, 2025.
Here are some key points from the report:
— China targets economic growth of around five percent in 2025.
–Aiming to create over 12 million new urban jobs in 2025.
–Setting CPI growth target of around two percent for 2025.
–Adopting a more proactive fiscal policy. Setting deficit-to-GDP ratio at around four percent for 2025, an increase of one percentage point over last year.
–Issuing 4.4 trillion yuan of local government special-purpose bonds in 2025, an increase of 500 billion yuan over last year.
–Issuing a total of 1.3 trillion yuan of ultra-long special treasury bonds in 2025, up 300 billion yuan from last year.
–Launching special initiatives to boost consumption, including issuing ultra-long special treasury bonds of 300 billion yuan to support consumer goods trade-in programmes.
–Applying an appropriately accommodative monetary policy. Making timely cuts to required reserve ratios and interest rates.
–Fostering emerging, future industries.
–Vigorously encouraging foreign investment. Promoting comprehensive trials and demonstrations for expanding opening up of the service sector. Opening internet-related, cultural, and other sectors in a well-regulated way and expanding trials to open sectors such as telecommunications, medical services, and education.
