Economic Growth Targets - The GDP growth target for this year is set at around 5%, which is deemed necessary for stabilizing employment, preventing risks, and benefiting people's livelihoods [2][4][5] - The target aligns with China's actual economic conditions and development laws, and is considered achievable [2][3][4] - Factors supporting this target include the ongoing recovery of the economy, the rise of new industries, and supportive macroeconomic policies [3][4] Consumer Price Index (CPI) Target - The CPI growth target has been adjusted down to around 2%, marking the first time it has been set below 3% since 2004 [6][8] - This adjustment reflects the current economic situation, where deflationary pressures are more significant than inflationary ones [6][7] - The government aims to improve supply-demand relationships and stabilize prices through various policies [6][8] Fiscal Policy Adjustments - The fiscal deficit rate is proposed to be set at around 4%, an increase of 1 percentage point from the previous year, with a total deficit scale of 5.66 trillion yuan [9][10] - This marks the highest deficit level since the implementation of proactive fiscal policies in 2008, indicating a strong commitment to economic recovery [9][10] - The increased fiscal spending will focus on social welfare, technological innovation, and infrastructure investment [10]

Core Viewpoint - The article emphasizes the special tone of the recent National Two Sessions, highlighting the effects of previous economic stimulus and the anticipation of upcoming stimulus measures, reflecting a unique expectation from the public [5]. Summary by Sections National Two Sessions Overview - The National Committee of the Chinese People's Political Consultative Conference (CPPCC) and the National People's Congress (NPC) held their sessions on March 3 and March 4, respectively, with significant data shared, including a GDP exceeding 134 trillion yuan and a growth rate of 5% [3]. - The sessions are characterized by a focus on current macroeconomic changes and hot topics, with a closer connection to recent updates compared to previous years [3][4]. Key Agenda Items - The CPPCC session will last six days, focusing on reviewing reports and discussing government work [9]. - The NPC session will last seven days, with key agendas including the review of government work reports and budget plans for 2025 [11]. Economic Targets and KPIs - The expected GDP growth target for 2025 is around 5%, with a potential CPI target down to 2% and a fiscal deficit rate projected to rise to 3.8%-4% [15][17]. - The GDP growth target reflects a slight decrease from the previous year's average growth target of 5.3% [17]. Economic Stimulus Measures - The fiscal spending plan includes a projected deficit of 5.5 trillion yuan and an increase in broad fiscal funds by approximately 2 trillion yuan, reaching 12 trillion yuan [21]. - Special bonds are expected to be issued for significant projects, including 1.5-2 trillion yuan for long-term special bonds and 500 billion to 1 trillion yuan for bank capital injections [21]. Consumption, Investment, and Export Dynamics - Consumption is projected to contribute 44.5% to economic growth in 2024, while investment and exports contribute 25.2% and 30.3%, respectively [28][30]. - The focus on consumption is expected to increase, with many local governments prioritizing domestic demand and consumption in their annual goals [33]. Industry Focus - The article highlights emerging industries such as artificial intelligence, low-altitude economy, and digital economy as key areas of interest for future growth [44]. Public Interest Proposals - Various proposals from NPC representatives focus on enhancing public welfare, including suggestions for paid leave policies, tax adjustments, and support for elderly care, reflecting a growing concern for social issues [49].