📢 China's gearing up for a big economic comeback in 2025! Senior officials just wrapped up a key conference in Beijing, and the vibes are all about confidence and growth.
At the annual Central Economic Work Conference, held on Wednesday and Thursday, leaders mapped out strategies to boost the economy next year. Zhao Chenxin, deputy head of the National Development and Reform Commission, called 2024 an extraordinary year with some seriously encouraging achievements. Speaking at a forum on Saturday, he highlighted that since September, the economy's been picking up speed with better-than-expected indicators. 📈
Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, is predicting that China's economy will expand by around 5% this year, contributing nearly 30% to global growth! 🌍 That's huge!
But it's not all smooth sailing. Zhao pointed out some challenges like a tough global environment, not enough domestic demand, and pressures on jobs and incomes. 😓
So what's the game plan? Next year, China aims to:
- Implement more proactive and impactful macro policies 🧐
- Expand domestic demand 📊
- Promote innovation in science, tech, and industry 🤖
- Stabilize the real estate and stock markets 🏠📈
- Prevent and resolve key risks and external shocks 🚧
- Stimulate vitality and stabilize expectations 💡
They're also planning a more proactive fiscal policy and a moderately loose monetary policy in 2025. That means stronger support to hit their targets! 💯
Wang Yiming, vice chairman of the China Center for International Economic Exchanges, mentioned that China will set a higher deficit-to-GDP ratio and ramp up fiscal spending. They're also increasing the issuance of special treasury bonds and local government bonds. Sounds like they're pulling out all the stops! 🚀
On the money front, Wang Xin from the People's Bank of China said they'll look to reduce the reserve requirement ratio (RRR) and interest rates when the time's right. This should help channel more credit to strategic sectors and support stable growth and employment. 💰
Vice Commerce Minister Sheng Qiuping shared cool plans to boost consumption, like promoting trade-ins for old goods and fostering new consumption trends. Think ice and snow sports, new energy vehicles, and smart home appliances. 🏂🚗🏠
And in real estate news, Dong Jianguo, vice minister of housing and urban-rural development, announced that 3.24 million new homes have been delivered as of November through a government program. 🎉 Next year, they're focusing on renovating shanty towns and dilapidated houses, and helping people buy their first homes or improve their current ones.
Dong emphasized the shift towards building safe, comfortable, green, and smart homes to meet people's desires for a better living space. 🏡💚
All in all, it looks like China is setting the stage for an energized economy in 2025, and we're here for it! 🙌
Reference(s):
Senior officials' insights about China's key economic work conference
cgtn.com
