China SCIO | March 5, 2025
The 14th National People's Congress, China's national legislature, opened its third session on Wednesday morning at the Great Hall of the People in Beijing. Premier Li Qiang delivered a government work report at the meeting. Here are highlights of the country's main goals, tasks, and policy measures for 2025.
The opening meeting of the third session of the 14th National People's Congress (NPC) is held at the Great Hall of the People in Beijing, capital of China, March 5, 2025. (Xinhua/Ding Haitao)
China targets economic growth of around 5% >>
China targets an economic growth rate of around 5% in 2025, according to the government work report.
The report also outlines an array of other key development goals for this year, including a surveyed urban unemployment rate of around 5.5%, over 12 million new urban jobs, and an around 2% increase in the consumer price index.
China aims for deficit-to-GDP ratio of around 4%
China sets a target of around 4% for its deficit-to-GDP ratio for this year, an increase of one percentage point over last year.
China to issue more special treasury bonds
China will issue a total of 1.3 trillion yuan (US$182 billion) of ultra-long special treasury bonds in 2025, up 300 billion yuan from last year. It will also issue 500 billion yuan of special treasury bonds to support large state-owned commercial banks in replenishing capital.
China to issue more local government special-purpose bonds
China plans to issue 4.4 trillion yuan of local government special-purpose bonds in 2025, an increase of 500 billion yuan over last year.
The funds raised from these bonds will be mainly used for construction investment, land acquisition and reserve, purchase of commodity housing stock, and settlement of overdue payments owed by local governments to enterprises.
The opening meeting of the third session of the 14th National People's Congress (NPC) is held at the Great Hall of the People in Beijing, capital of China, March 5, 2025. (Xinhua/Xie Huanchi)
China to leverage monetary policy instruments to support property, stock markets
China will refine and develop new structural monetary policy instruments to provide stronger support for sound development of the real estate sector and the stock market, for scientific and technological innovation, green development, the boosting of consumption, and for private businesses and micro and small enterprises.
China to launch special initiatives to boost consumption
China will launch special initiatives to boost consumption in 2025, including issuing ultra-long special treasury bonds of 300 billion yuan to support consumer goods trade-in programs.
China to increase support for major national strategies and security capacity building
China will put ultra-long special treasury bonds to good use, increase ultra-long-term loans and other types of financing support, and strengthen top-down organization and coordination to ensure greater support for the implementation of major national strategies and security capacity building in key areas.
China to foster emerging, future-oriented industries >>
China will advance integrated and clustered development of strategic emerging industries, carry out demonstration initiatives on the large-scale application of new technologies, products, and scenarios, and promote safe and sound development of commercial space, the low-altitude economy, and other emerging industries.
The country will also establish a mechanism to increase funding for industries of the future and foster industries such as biomanufacturing, quantum technology, embodied AI, and 6G technology.
China to accelerate high-quality development of key manufacturing chains
China will accelerate the high-quality development of key industrial chains in the manufacturing sector and step up efforts to advance industrial foundation reengineering and major technology and equipment research.
China to support extensive application of large-scale AI models
Under the AI Plus initiative, China will work to effectively combine digital technologies with the country's manufacturing and market strengths. The country will support the extensive application of large-scale AI models and vigorously develop new-generation intelligent terminals and smart manufacturing equipment, including intelligent connected new-energy vehicles, AI-enabled phones and computers, and intelligent robots.
The opening meeting of the third session of the 14th National People's Congress (NPC) is held at the Great Hall of the People in Beijing, capital of China, March 5, 2025. (Xinhua/Gao Jie)
China to gradually implement free preschool education >>
China will promote free preschool education in a phased way as part of the country's efforts to build a high-quality education system. Meanwhile, the country will promote high-quality, well-balanced development of compulsory education, and increase the enrollment capacity of senior high schools.
China to launch special initiatives to regulate enterprise-related law enforcement
Special initiatives will be launched to regulate enterprise-related law enforcement, with a focus on tackling arbitrary charges, fines, inspections, and seizures. China will take resolute steps to prevent unauthorized cross-jurisdictional and profit-driven law enforcement.
China to expand higher-standard opening up and stabilize foreign trade and investment
China will work toward stabilizing foreign trade, vigorously encourage foreign investment, pursue solid progress in high-quality Belt and Road cooperation, and deepen multilateral, bilateral, and regional economic cooperation.
The opening meeting of the third session of the 14th National People's Congress (NPC) is held at the Great Hall of the People in Beijing, capital of China, March 5, 2025. (Xinhua/Zheng Huansong)
China to introduce city-specific policies on property transaction restrictions
China will introduce city-specific policies on adjusting and reducing property transaction restrictions, so as to continue efforts on stemming the downturn and restoring stability in the real estate market.
The country will also intensify efforts to redevelop urban villages and renovate old and dilapidated houses. It will fully tap into potential demand for first homes and better housing.
China to refine centralized medicine procurement policy
China will refine the policy for centralized medicine procurement and enhance quality evaluations and oversight to boost public confidence in medicine.
China to provide childcare subsidies >>
China will formulate policies on boosting birth rates, and provide childcare subsidies. The country will also vigorously develop integrated nursery and childcare services, and increase public-interest childcare services.
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