2025年政府工作报告解读：政策更加积极有为 七大信号值得关注

Economic Goals - The GDP growth target remains at 5%, with urban unemployment and new employment targets unchanged, while the CPI target is set to decrease to 2%[2] - The establishment of economic development goals reflects a pragmatic approach, considering the current economic situation and overall development requirements[2] Fiscal Policy - The central deficit rate is increased to 4%, and the broad deficit rate reaches 8.4%, marking a historical high[2] - The total scale of new government debt is projected to be 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year[2] Monetary Policy - The monetary policy maintains a moderately loose stance, indicating that overall liquidity will likely remain ample throughout 2025[2] - Emphasis on the healthy development of the stock and real estate markets is expected to stabilize these sectors[2] Domestic Demand and Consumption - "Expanding domestic demand" is prioritized, with consumption mentioned 31 times in the report, indicating a significant policy shift towards demand-side stimulation[5] - A special bond of 300 billion yuan is allocated to support consumption, alongside initiatives to improve the consumption environment[5] Technological Development - New quality productivity remains crucial, with a focus on technological innovation and digital development as key drivers for high-quality growth[5] - The TMT sector is expected to become a long-term market focus due to its association with technological advancements[5] Investment Outlook - Investment is highlighted as a key area for stabilizing economic growth, with increased support for private capital and infrastructure projects anticipated[5] - The real estate and infrastructure sectors are expected to stabilize under the government's coordinated efforts[5]