2025年政府工作报告解读：全力稳增长

Economic Growth and Targets - The 2025 economic growth target is set at 5%, higher than the international forecast of 4.5%-4.8%, indicating confidence in economic recovery and sufficient policy reserves[2] - The CPI target is set at 2%, reflecting a pragmatic approach to current weak domestic demand and expectations[2] Fiscal and Monetary Policy - The fiscal deficit rate is set at 4%, an increase of 1 percentage point from the previous year, with a deficit scale of 5.66 trillion yuan, up by 1.6 trillion yuan[3] - General public budget expenditure is projected at 29.7 trillion yuan, an increase of 1.2 trillion yuan from last year, breaking the previous consensus of a 3% fiscal constraint[3] - The issuance of special bonds includes 1.3 trillion yuan for long-term bonds and 500 billion yuan to support state-owned banks, with a total new government debt of 11.86 trillion yuan, up by 2.9 trillion yuan[17] Domestic Demand and Structural Reforms - Expanding domestic demand is prioritized in the 2025 government work tasks, emphasizing the need for consumption and investment[4] - The report outlines ten key areas of focus, with "expanding domestic demand" at the forefront, followed by "developing new productivity" and "promoting education and science"[4] Risk Management and External Environment - The report acknowledges rising external uncertainties, including geopolitical tensions and trade barriers, which may impact trade and investment confidence[9] - It emphasizes the need for proactive policy implementation to enhance economic resilience against external shocks[11] Long-term Economic Strategy - The focus on "new productivity" and "education and science" reflects a long-term strategy for sustainable economic growth, balancing short-term stabilization with long-term development[4] - The government aims to address structural issues in the economy, including weak domestic demand and employment challenges, through comprehensive macroeconomic policies[10]