《政府工作报告》解读：政策加力，经济向“新”

Economic Goals - The GDP growth target for 2025 is set at around 5%, unchanged since 2023, to guide expectations and maintain stable economic growth[7] - The CPI target for 2025 is adjusted to around 2%, marking the first reduction from the long-standing 3% since 2015[7] - The employment target remains steady with an aim to create over 12 million urban jobs and maintain an urban unemployment rate of around 5.5%[8] Fiscal Policy - The budget deficit rate is raised to 4%, with a deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from the previous year[16] - Special bonds issuance is expanded to 4.4 trillion yuan, up by 500 billion yuan compared to last year, focusing on infrastructure and real estate[16] - Total new government debt is projected to reach 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year[16] Monetary Policy - The monetary policy will continue to be moderately loose, with potential for timely adjustments in reserve requirement ratios and interest rates[19] - The government emphasizes maintaining liquidity and aligning social financing and money supply growth with economic growth and price level expectations[18] Supply-Side Adjustments - The report highlights the need to address "involution" in competition, promoting healthy development in new industries like electric vehicles and solar products[26] - Energy consumption per unit of GDP is targeted to decrease by around 3% in 2025, continuing the push for energy efficiency and carbon reduction[26] Key Tasks - Expanding domestic demand is prioritized, with a focus on boosting consumption and investment efficiency[21] - The report introduces ten key tasks, with "expanding domestic demand" moving to the top priority[21] - Significant reforms are expected to accelerate, particularly in ecological areas, with clearer goals for carbon reduction and pollution control[21]