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【粤开宏观】2025年地方政府怎么干?目标与抓手
Yuekai Securities·2025-02-05 02:35

Economic Growth Targets - The average GDP growth target for 31 provinces in 2025 is set at 5.3%, slightly lower than the 2024 target of 5.4%[2][3][14]. - 29 provinces have set their GDP growth targets between 5% and 6%, with Tibet having the highest target of "over 7%, striving for 8%" and Qinghai the lowest at "around 4.5%"[2][15]. Fiscal Revenue Goals - The average growth target for local general public budget revenue in 2025 is 2.9%, which is 2.5 percentage points lower than the GDP growth target[5][7][22]. - 24 out of 30 provinces have lowered their fiscal revenue growth targets compared to 2024, with the highest target being 10% for both Xinjiang and Tibet, and the lowest at 1.1% for Jiangxi[5][6][28]. Sector-Specific Targets - Industrial production targets have been generally raised, with Guangdong increasing its target from 5% to around 6% and Tibet setting a high target of 16%[8][30]. - Social retail sales growth targets have been significantly lowered, indicating a need to boost consumer demand, with Hubei adjusting from over 9% to around 7%[8][35]. Employment and Price Stability - The urban unemployment rate target is generally maintained at around 5.5% across most provinces, with a total of 16.51 million new urban jobs expected to be created in 2025[9][39]. - The Consumer Price Index (CPI) growth target has been adjusted down to around 2% for most provinces, reflecting current low inflation pressures[9][38]. Key Economic Strategies - Provinces are focusing on boosting consumption and expanding domestic demand as a priority for 2025, with initiatives to support major consumption and service sectors[10][43]. - Investment strategies emphasize improving investment efficiency rather than merely increasing investment scale, with a focus on new infrastructure and green transformation projects[10][33].