文/《清华金融评论》 周茗一 2 0 25年全国两会期间，促消费成为重要议题之一，政策力度不断加大， 以旧换新政策的加力扩围、财政政策的积极支持、消费券和补贴的发放、 优化消费环境和提升消费能力、培育新的消费增长点、完善物流和回收体 系。近期，国家发改委，财政部，商务部，中国人民银行等多部门密集表 态促消费。在此背景下，《清华金融评论》2025年第4期拟以 "大力提振 消费，全方位扩大国内需求" 为主题策划一期封面专题，探讨如何进一步 凝聚共识、拓宽思路，把经济政策的着力点更多转向惠民生、促消费，以 更 大 力 度 和 更 精 准 措 施 提振 消 费 ， 持续 增强 消 费对 经 济 发 展 的 基 础 性 作 用。 国家发展改革委 ：《提振消费专项行动方案》将公布实施 对于今年5%左右的经济增长目标，国家发展改革委主任郑栅洁表示，今年5%左右的经济增长预期目 标，是党中央、国务院经过综合研判、科学论证、系统平衡，稳慎提出的。综合分析，我国制度有优 势、市场有潜力、企业有活力，更重要的是，有直面风险挑战的勇气、有解决问题的底气，今年实现 5%左右的目标有基础、有支撑、有保障。 郑栅洁称，近期，多部门联合制定 ...

Core Viewpoint - The government work report emphasizes the need to boost domestic demand and consumption as a primary strategy for economic growth, with a GDP growth target of around 5% for the year [1][3][9] Economic Growth Targets - The GDP growth target is set at approximately 5%, balancing the need for employment stability, risk prevention, and improved living standards, while aligning with long-term development goals [3][4] - The report indicates that achieving a 5% growth rate is feasible due to a large domestic market and recent positive economic indicators [4][11] Fiscal Policy and Debt Management - The fiscal deficit rate is proposed at around 4%, with a total new government debt scale of 11.86 trillion yuan, reflecting a significant increase in fiscal spending to support economic growth [6][7][8] - The report outlines plans for issuing special bonds and local government bonds to finance infrastructure and support consumption [6][10] Consumption and Domestic Demand - The report prioritizes boosting consumption and investment efficiency, aiming to make domestic demand the main driver of economic growth [9][11] - Specific measures include implementing special actions to enhance consumption, improving the consumption environment, and increasing residents' income [9][12] Investment Strategies - The government plans to enhance effective investment by focusing on key projects and ensuring proper funding allocation to prevent inefficient investments [10][11] - The report emphasizes the importance of private investment and encourages public-private partnerships in infrastructure and social services [10][16] Reforms and Market Environment - The report highlights the need for significant reforms to create a fair and vibrant market environment, particularly in supporting the private economy and improving the fiscal and tax systems [14][15][16] - It stresses the importance of addressing barriers to market entry and competition, particularly in the context of "involution" in various industries [18][19] Future Industries and Technological Development - The government work report outlines plans to advance future industries, particularly in artificial intelligence and digital economy sectors, to enhance consumer experiences and drive economic growth [20][21] - There is a focus on integrating new technologies into traditional industries to create new employment opportunities and stimulate economic activity [20][21]

Group 1: Economic Goals and Policies - The GDP target for 2025 is expected to remain around 5.0%, consistent with the previous two years, to align with the goal of doubling the economic total by 2035 and to absorb the 1,222,000 new graduates entering the job market [2] - CPI target is anticipated to be adjusted to around 2.0%, reflecting a cautious approach due to low inflation pressures, with 27 provinces setting their CPI targets similarly [2] - The central government is expected to implement a more proactive fiscal policy, with potential adjustments to the deficit rate and an increase in the scale of long-term bonds and local government special bonds [3][4] Group 2: Monetary Policy and Domestic Demand - The monetary policy is shifting to a moderately loose stance, the first change since 2011, with market expectations for further adjustments [5][6] - The government aims to boost domestic demand by enhancing consumption and investment, with specific policies being developed to stimulate consumer spending and support major projects [7] Group 3: Technological Innovation and Private Economy - The focus on technological innovation is emphasized as a key task for developing new productive forces and modern industrial systems, particularly in light of recent advancements in AI [9] - The central government is reiterating its commitment to support the private economy, with ongoing legislative efforts to create a favorable environment for private enterprises [10] Group 4: External Challenges and Real Estate Market - The government is addressing external uncertainties, particularly regarding trade policies and foreign investment, with plans to stabilize foreign trade and investment [11][12] - The real estate market is a core concern, with measures in place to stabilize prices and improve market conditions, including potential government acquisitions of unsold properties [13][14] Group 5: Capital Market and Demographic Policies - Efforts to stabilize the capital market are ongoing, with initiatives to attract long-term funds and enhance market stability [15] - Demographic policies are under review, with potential new measures to address aging and declining birth rates, including possible incentives for families [17]