Nine Key Tasks for Economic Work in 2025

First, we will vigorously boost consumption, improve investment efficiency, and expand domestic demand

We will implement dedicated initiatives to stimulate consumption and work to increase the incomes and ease the burdens of the low- and middle-income groups, so as to enhance their ability, willingness, and level of consumption. We will adopt multiple measures to create more favorable conditions and a better environment for consumption. We will keep the consumption of commodities stable, expand the scope of programs for large-scale equipment renewal and trade-in of consumer goods, and enhance support for the implementation of major national strategies and security capacity building in key areas. This will ensure an effective expansion in both consumption and investment. We will foster new areas of consumption growth, enhance services consumption, and develop new and diversified consumption scenarios. Active efforts will be made to develop the debut economy, ice and snow economy, and silver economy. We will stimulate private investment and make government investment effectively drive nongovernmental investment. 

Second, we will drive the development of new quality productive forces through scientific and technological innovation and build a modern industrial system

We will make major efforts to promote integrated sci-tech and industrial innovation. This means to bolster basic research and strive for breakthroughs in core technologies in key fields, conduct large-scale demonstrations for the application of new technologies, products, and scenarios, launch an AI Plus initiative, and nurture industries of the future, such as biomanufacturing. We will improve the multi-tiered financial services system, do more to encourage the participation of nongovernmental funds in venture capital, and cultivate innovative enterprises through tiered support, including strong support for the development of more high-growth unicorn start-ups and gazelle companies. We will take comprehensive steps to address “race to the bottom” style competition, regulating behaviors among both local governments and enterprises, and using both market- and law-based approaches. We will implement stronger standards for technology, environmental protection, safety, and energy consumption to promote the sustainable and sound development of the “new trio,” namely, electric vehicle, lithium-ion battery, and solar battery sectors, along with other competitive industries, so as to consolidate our competitive advantages on the international stage.

Third, we will leverage the leading role of economic reform by ensuring that landmark reform measures are fully implemented and deliver results

We will strengthen the endogenous drivers of development by further deepening reform, introducing more reform measures to support stable growth, structural adjustments, and people’s wellbeing. We will complete the initiative to deepen and upgrade state-owned enterprise (SOE) reform in line with high-quality standards and introduce a private sector promotion law. A dedicated campaign will be launched to regulate enterprise-related law enforcement. To ensure the sound development of the platform economy, we will take steps to regulate algorithms and strengthen oversight. We will advance fiscal and tax structural reforms in a coordinated manner and place more fiscal resources at the disposal of local governments. We will carry out integrated investment and financing reforms in the capital market to remove barriers to the entry of medium- and long-term capital. A concerted effort will be made to foster an institutional environment friendly to long-term capital inflows and long-term investment from social security funds, insurance funds, annuities, and wealth management funds. In addition, we will effectively ensure the stability of capital markets. 

Fourth, we will expand high-standard opening up while keeping foreign trade and foreign investment stable

We will make further progress in fostering a world-class business environment that is market-oriented, law-based, and internationalized, taking orderly steps to expand opening up in a voluntary and unilateral manner and promoting reform and development through high-standard opening up. We will steadily advance institutional opening up, improve the quality and efficiency of pilot free trade zones, and expand their mandate for reform tasks. Efforts will be made to implement core policies of the Hainan Free Trade Port at a quicker pace. Measures will be taken to actively develop trade in services, green trade, and digital trade, and reform of the systems and mechanisms for promoting foreign investment will be boosted. Pilot programs for opening up fields such as telecom, healthcare, and education will be expanded, as we steadily advance the opening of the service sector to the outside world and continue working to make China a favored destination for foreign investment. We will implement the plans made at the fourth symposium on the development of the Belt and Road Initiative to promote solid progress in high-quality Belt and Road cooperation. 

Fifth, we will effectively prevent and defuse risks in key areas to ensure that no systemic risks arise

We will keep working to restore stability following a downturn in the real estate market. To unleash demand, we will focus on fully implementing city-specific policies and advancing the renovation of urban villages and dilapidated housing. We will ensure that demand for first homes and improved housing conditions is met. To improve supply, we will strictly control the supply of new housing, upgrade existing housing stock, and improve the quality of housing. We will appropriately control the supply of land for new real estate development and vigorously push ahead with urban renewal projects. We will make good use of existing land resources as well as commercial and office properties and facilitate their transformation. We will move ahead with creating a new development model for the real estate sector, establishing the relevant underlying systems in an orderly manner and working to ensure we develop good housing that matches people’s demand for a higher quality of life. We will give full play to the real estate financing coordination mechanisms for cities and increase the scope and effectiveness of white-list projects in order to further consolidate the momentum for restoring stability after the downturn. We will resolutely strive to ensure that unfinished housing projects are completed and speed up efforts to develop a financial services system tailored to the new development model for the real estate sector. Prudent steps will be taken to deal with risks in local small and medium-sized financial institutions, and coordinated efforts will be made by the central and local governments to crack down on illegal financial activities.

Sixth, we will pursue coordinated progress in new urbanization and all-around rural revitalization and promote integrated urban-rural development

The total area of China's farmland must remain above the specified red line. We will ensure stability in the production and supply of grain and other key farm produce and increase the overall efficiency and competitiveness of agriculture. At present, China's 13 major grain-producing regions account for about 75% of national grain output and around 90% of inter-regional grain transfers. It is vital to protect the initiative of grain growers and major grain-producing areas. To this end, we will improve the grain pricing mechanism and establish an inter-provincial mechanism for major grain-purchasing areas to compensate major producing areas. We will develop industries, empower counties, and enrich people in an integrated manner in line with local conditions and expand the channels for increasing rural incomes. We will advance new urbanization in a prudent and well-ordered manner based on the philosophy that our cities are for the people. We will develop modern metropolitan areas and further modernize the governance of super-large cities and megacities. We will vigorously boost the development of county economies and push forward with urbanization centered on county seats. To consolidate and build upon our achievements in the battle against poverty, we will improve the regular mechanisms for preventing rural residents from lapsing or relapsing into poverty. Furthermore, we will establish a tiered and category-based assistance system for rural low-income populations and underdeveloped regions to make sure that there is no large-scale lapse or relapse into poverty.

Seventh, we will reinforce the implementation of regional strategies and boost regional development vitality

We will fully harness the synergy between the coordinated regional development strategy, major regional strategies, and the functional zoning strategy, so as to actively foster new growth poles. China’s major economic provinces play a crucial role in the country's overall economic development: The top 10 provinces by GDP account for over 60% of national economic output, the top 10 industrial provinces generate over 60% of the national industrial added value, and the top 10 provinces for trade represent over 80% of China’s total volume of imports and exports. We will strengthen support for major economic provinces in terms of production factors, such as land, energy, environmental resources, and data, to help them take on an even greater role. We will work to enhance the innovation capabilities and leading role of areas with economic development advantages. We will also encourage other regions to better leverage their local conditions and comparative advantages to drive development.

Eighth, we will make concerted efforts to cut carbon emissions, reduce pollution, pursue green development, and boost economic growth, in a bid to advance the green transformation of economic and social development

China has met its commitments to the international community on wind and solar power six years ahead of schedule, with the combined installed capacity exceeding 1.2 billion kilowatts. China’s installed alternative energy capacity now accounts for over one-third of the global total. Over recent years, China has supplied 60% of the world's wind power equipment, 70% of photovoltaic modules, and over 70% of key raw materials for power batteries, making a major contribution to the drive to address global climate change. We will take further steps to reform the institutions for ecological conservation and accelerate efforts to build a Beautiful China. We will create a sound development ecosystem for green and low-carbon industries and cultivate new growth sectors such as eco-friendly construction. We will accelerate the development of new energy bases in China’s vast sandy areas, rocky areas, and deserts, where wind and solar resources are in abundant supply. We will advance the development of a national carbon market and establish a product carbon footprint management system and a carbon labeling and certification system. Efforts will continue to keep skies blue, waters clear, and lands clean.

Ninth, we will ensure and improve people's wellbeing and give people a stronger sense of gain, happiness, and security

We will improve the basic public services system and establish an effective social security net. We will implement employment support plans for key sectors and industries, urban and rural communities, and micro, small, and medium-sized enterprises, and facilitate employment among key groups, such as college graduates. More will be done to protect the rights and interests of groups in flexible and new forms of employment. We will refine our industrial development and employment promotion policies aimed at assisting people who have been lifted out of poverty and ensure that the basic needs of people in difficulty are met. Pro-natal policies will be formulated. Steps will be taken to develop community-supported at-home eldercare and expand public-interest eldercare services. To ensure both development and security, we will improve work-place safety and effectively prevent and respond to social security incidents in a timely manner.

Editor: Li Xiaoqiong