重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 注：表中红字为《政府工作报告》公布的目标，其他为实际值，"-"表示未披露。 01 实际增长目标持平，财政赤字隐含名义增长改善 摘 要 1、中国2025年经济增长目标5%左右，高于年初大部分机构预测，财政赤字隐含名义增长4.9%， 显示官方认为广义物价将得到明显改善。 2、CPI目标从3%下调至2%，是政策目标从过往防通胀到提升物价水平的转变，具有积极意义。 3、财政支出力度与2020年应对新冠疫情冲击时相近，结构更优，可实现性更强。货币政策基调保 持宽松，但对降息偏谨慎，现阶段对汇率稳定和宏观审慎管理更加重视。 3月5日，李强总理在全国人大会议上做《政府工作报告》，提出中国政府对2025年经济社会发展的总体 要求和政策取向，主要指标目标如下表。《政府工作报告》是对中央经济工作会议所作部署的细化和落 地实施计划，此次公布的经济发展目标整体符合市场预期，具体来看有以下几点值得关注： 中国经济发展主要目标一览 | 科目(单位:亿元) | 2025年 | 2024年 | 2023 ...

Core Viewpoint - The Chinese government has set a GDP growth target of around 5% for 2025, which is higher than most domestic and international forecasts, indicating a commitment to stabilize economic growth and boost market expectations [3][6]. Economic Growth Targets - The actual GDP target for 2025 is set at 141.5 trillion yuan, with a nominal GDP growth rate of 4.9%, which is an improvement compared to the previous year's nominal GDP growth of 4.23% [3][6]. - The consumer price index (CPI) target has been lowered from 3% to 2%, signaling a shift in policy focus from preventing inflation to promoting price stability [3][8]. Fiscal Policy - The total fiscal deficit for 2025 is projected at 5.66 trillion yuan, with a broad deficit rate of 8.4%, similar to the levels seen in 2020 during the COVID-19 pandemic response [3][9]. - The structure of fiscal spending is optimized, focusing on four key areas: investment construction, land reserve, acquisition of existing housing, and settling local government debts to enterprises [3][9]. Revenue and Budget - The target growth rate for general public budget revenue is set at 0.1%, indicating a more cautious approach compared to the previous year's 2.9% [3][10]. - The government expects improved realizability of budget revenues this year, particularly due to anticipated recovery in real estate sales [3][10]. Monetary Policy - The monetary policy remains moderately accommodative, with an emphasis on reducing social financing costs, although there is caution regarding broad interest rate cuts [3][12]. - The central bank has maintained a tight monetary market condition, focusing on the stability of the RMB exchange rate and the risks associated with low long-term interest rates [3][12].