Please download PDF using the link above for the full report
The annual “two sessions”, a highly anticipated event on China’s economic and political calendar, began on Tuesday, March 4th with the opening meeting of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC). On March 5th, the 14th National People’s Congress (NPC), China’s national legislature, opened its third session in the morning in Beijing (and will conclude on March 11th). Premier Li Qiang, on behalf of the State Council, delivered a government work report in the NPC session, for review and approval.
This year’s government work report set a relatively high growth target, and a series of proactive policies in facing rising external challenges. This year's policies focus more on consumption, people’s livelihood and advancing technological and industrial innovations and etc. These are changes, compared with previous years. The report outlined an array of key development goals for 2025, including an “around 5%” GDP growth target, an “around 5.5%” surveyed urban unemployment rate, over 12 million new urban jobs, and an around 2% CPI inflation, and many more.
9 key takeaways of 2025 NPC work report:
- An “around 5%” growth target and a 2% CPI inflation target reflect Chinese government’s proactive stance and its emphasis on nominal GDP growth
- More proactive fiscal policies, with additional RMB2.4 trillion fiscal funding (1.7% of GDP) for the economy is planned for 2025, compared with 2024
- Better structure of fiscal stimulus, with increasing focus on improving people's livelihood, stamina, and the use of funds.
- Cut RRR and policy rates at appropriate times
- A positive stance on real estate sector and stock market
- Richer technological content in industry policies
- Optimize international cooperation in industrial chain and supply chain
- Urbanization 2.0 remains one of the focuses
- Deepen the comprehensive investment and financing reform for the capital market
More proactive fiscal policies, with additional RMB2.4 trillion fiscal funding (1.7% of GDP) for the economy is planned for 2025, compared with 2024
