Economic Growth and Inflation - The GDP growth target for 2025 is set at "around 5.0%", consistent with last year's target and actual growth, aligning with market expectations[2] - The CPI control target is set at "around 2.0%", marking the first time since 2004 that the target is below 3%, indicating a focus on moderate price recovery[3] Fiscal Policy Adjustments - The fiscal deficit rate target for 2025 is increased to 4.0%, up by 1 percentage point from the previous year, with a fiscal deficit scale reaching 5.66 trillion yuan[5] - The new local government special bond issuance scale is set at 4.4 trillion yuan, an increase of 500 billion yuan from last year, reflecting a more proactive fiscal policy stance[4] Investment and Debt Management - The total new government debt issuance for 2025 is projected at 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year, indicating a significant increase in fiscal spending intensity[8] - 8 billion yuan of the new special bonds will be used to replace existing local government hidden debts, helping to control debt risks and alleviate repayment pressures[6] Monetary Policy Outlook - The monetary policy is expected to remain "moderately loose," with potential interest rate cuts of up to 0.5 percentage points, which is higher than the 0.3 percentage point cut in 2024[10] - The central bank may continue to implement structural monetary policy tools to support key sectors, with expectations for increased new credit and social financing[11] External Trade and Risk Management - The report emphasizes the need to stabilize external trade development amid increasing external economic uncertainties, with measures to support cross-border e-commerce and service trade[12] - The focus on stabilizing the real estate market includes increasing loan support for "white list" projects and controlling new land supply to mitigate risks of corporate debt defaults[13]

Economic Outlook - The Chinese economy is projected to exceed 134 trillion yuan in GDP in 2024, with a growth rate of 5%, ranking among the top major economies globally [3] - New industries and business models are emerging, with significant advancements in smart manufacturing and green productivity, particularly in wind power, photovoltaics, and new energy vehicles [3] - Consumer demand during the Spring Festival showed strong growth, with home appliances and audio-visual equipment sales increasing by 166.4% and tourism revenue rising by 37.5% [3] New Quality Productivity - In 2024, China will deepen the integration of technological and industrial innovation, accelerating the construction of a modern industrial system, with significant results in new quality productivity [5] - China has 79 out of 189 global "lighthouse factories," with many coming from traditional industries such as steel and food, showcasing the transformation towards intelligent and green production [5] Foreign Trade and Investment - China continues to play a crucial role as the largest engine of global economic growth, maintaining its position as the world's largest goods trader and the second-largest import market [7] - The country is committed to expanding its high-level open economy, enhancing the institutional framework for foreign trade and investment, and optimizing regional open layouts [8]