Increasing the fiscal deficit ratio, issuing ultra-long-term special treasury bonds, raising basic pensions for urban and rural residents, increasing financial subsidies for urban and rural residents’ medical insurance—these are just some of the measures under discussion. From December 11 to 12, the Central Economic Work Conference was held in Beijing. The conference summarised the economic work of 2024, analysed the current economic situation, and laid out plans for 2025.
The Central Economic Work Conference also highlighted that the adverse effects of changes in the external environment are deepening, and China’s economy continues to face many difficulties and challenges. Economists currently project that the China’s GDP growth target for 2025 will be set at around 5%.
Wang Jun, Chief Economist at Huatai Asset Management, noted in an interview with Caijing that this year’s Central Economic Work Conference placed greater emphasis on boosting consumption, making the expansion of domestic demand its top priority among nine key tasks. The conference also stressed stabilising the real estate and stock markets, signalling a desire to avoid both continued declines and rapid asset price surges that could lead to short-term bubbles.
