Group 1 - The central economic work conference has made a series of deployments to expand high-level opening up, focusing on three main measures for the next year [1] - The first measure is to orderly expand the autonomous opening of the service sector, including enhancing market access and optimizing pilot programs for service trade [1] - The second measure involves creating diverse open highlands, optimizing the layout of free trade pilot zones, and aligning with international high-standard economic and trade rules [1] - The third measure aims to promote the signing of more regional and bilateral trade and investment agreements, including high-standard free trade agreements and zero-tariff measures for African countries [1] Group 2 - To enhance foreign trade quality and efficiency, the focus will be on integrating trade and investment, developing service trade, digital trade, and green trade, while also expanding the import of quality consumer goods [2] - The policy goal is to achieve a basic balance of international payments, with over a hundred import promotion activities planned under the theme "Shared Big Market, Export to China" [2] - To optimize the business environment and attract foreign investment, new policies will be introduced to deepen reforms in foreign investment promotion systems, including easing market access and expanding pilot openings in sectors like telecommunications and biotechnology [2] - The support policies for foreign investment will be improved, promoting reinvestment and local production by foreign enterprises, and establishing a comprehensive service guarantee system for foreign investors [2]

Core Viewpoint - The 2025 Central Economic Work Conference outlines China's economic performance and strategic priorities, emphasizing resilience and innovation in the face of challenges, while setting a roadmap for future growth and stability. Economic Performance and Outlook - The overall economic operation is stable with expected growth around 5% for the year, positioning China among the leading global economies, with a GDP target of approximately 140 trillion yuan [2] - Employment remains stable, with significant growth in foreign trade and diversified exports [2] - The construction of a modern industrial system is progressing, with advancements in technology and innovation, particularly in AI, biomedicine, and robotics [2] - Reforms and opening-up measures are advancing, with a focus on building a unified national market and addressing "involution" in competition [2] - Positive progress in risk mitigation in key areas, including local government debt management and the completion of housing projects [2] - Social welfare policies, such as childcare subsidies and free preschool education, are being implemented to enhance public welfare [2] Challenges and Strategic Responses - The conference acknowledges ongoing economic challenges, including external environmental changes and domestic supply-demand imbalances [3] - Despite these challenges, China's long-term economic fundamentals remain strong, supported by its socialist system, large market, complete industrial system, and rich talent resources [3] - The government plans to implement more proactive macroeconomic policies, including fiscal and monetary measures, to support economic recovery [4][5] Fiscal Policy - The fiscal policy will maintain necessary deficits and debt levels while addressing local fiscal challenges and ensuring sustainable finances [5][6] - Emphasis on optimizing fiscal expenditure structure to support major national strategies and enhance social welfare [6][7] Monetary Policy - The monetary policy will focus on stabilizing economic growth and ensuring reasonable price recovery, maintaining liquidity, and supporting key sectors like technology and small enterprises [8][9] - A flexible approach to monetary tools will be adopted to align financing growth with economic and price expectations [8][9] Domestic Demand and Investment - Expanding domestic demand is a top priority, with a focus on boosting consumption and investment, particularly in services and infrastructure [9][10] - The government aims to enhance consumer purchasing power and support new consumption models while increasing investment in social welfare and urban renewal projects [10] Regional Development and Coordination - The conference emphasizes the importance of regional coordination in development, with specific strategies for enhancing the roles of major economic provinces [19][20] - Plans include tailored support for local economies and promoting urban-rural integration [19][20] Green Transition and Employment - The government is committed to a green transition, with initiatives aimed at carbon peak and neutrality, alongside promoting green industries [21][22] - Employment policies will focus on stabilizing job markets, particularly for key demographics like graduates and migrant workers, while enhancing vocational training [23][24] Real Estate Market Stability - The real estate market is under scrutiny, with measures to stabilize housing prices and promote high-quality development [26][27] - Strategies include addressing supply-demand dynamics and supporting real estate companies in transitioning to new business models [27][28]

Core Viewpoint - The central government plans to enhance the business environment to attract foreign investment by introducing new policies and reforms in the foreign investment promotion system next year [1] Group 1: Policy Measures - The government will further relax market access and expand pilot programs in sectors such as value-added telecommunications and biotechnology [1] - There will be a focus on implementing the "access and operation" requirements to address the issue of "open doors but small doors" in market access [1] - New support policies for foreign investment will be optimized to promote reinvestment and encourage foreign enterprises to accelerate local production and participate in the upstream and downstream supply chain collaboration [1] Group 2: Support and Communication - Policies will be improved to support the establishment of research and development centers by foreign investors in China [1] - A comprehensive service guarantee system for foreign investment will be established, focusing on elements such as access to resources, qualification approvals, standard setting, and government procurement, ensuring national treatment is fully implemented [1] - A multi-level and regular communication mechanism will be enhanced to assist foreign enterprises in resolving issues [1]