政策双周报（2025年第9期）：成渝地区双城经济圈国土空间规划获批复-20251126

Policy Updates - The approval of the Chengdu-Chongqing Economic Circle Land Space Planning marks a significant step in establishing a new growth engine for high-quality development in China, positioning it as the fourth major growth source after Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau[4] - The plan emphasizes enhancing economic development capabilities and facilitating industrial transfer, particularly in the context of national strategic hinterland construction[4] Economic Performance - China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, demonstrating strong economic resilience[7] - Retail sales of consumer goods are projected to increase from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, reflecting a robust internal demand[7] Fiscal Policy - The Ministry of Finance reported a 3.4% increase in national fiscal expenditure, with social security, education, and technology spending growing over 5%[33] - A special long-term bond issuance of 3,000 billion yuan is expected to drive sales exceeding 1.6 trillion yuan through consumer goods replacement programs[32] Monetary Policy - The central bank's report indicated a 5.2% GDP growth target for 2025, with nominal GDP growth expected to reach 4.8%[38] - In October 2025, M1 growth declined to 6.2%, while M2 growth fell to 8.2%, indicating a tightening monetary environment[43] Regional Development - The Chengdu-Chongqing region is set to play a crucial role in national economic development, with a focus on infrastructure connectivity and institutional reforms to enhance economic capabilities[48] - The region's GDP is projected to significantly contribute to the overall economic landscape of Western China, with a strategic emphasis on high-quality development[50]