The third session of the 14th National People's Congress opened on the morning of the 5th at the Great Hall of the People. Xi Jinping and other Party and state leaders attended the opening ceremony, during which Premier Li Qiang delivered the Government Work Report to the Congress. Quick highlights below ↓

One, 2024 Work Review

Gross domestic product reaches 134.9 trillion yuan, an increase of 5%.

The contribution to global economic growth remains at Around 30%. Newly created urban employment reached 12.56 million, and the average urban surveyed unemployment rate was 5.1%. Consumer prices rose by 0.2%. The balance of international payments remained broadly balanced, and foreign exchange reserves exceeded 3.2 trillion U.S. dollars. Per capita disposable income of residents grew in real terms by 5.1%. Grain production climbed to a new milestone of over 1.4 trillion jin for the first time. Annual production of new-energy vehicles surpassed 13 million units.

II. Main Expected Development Goals for 2025

Gross Domestic Product ( GDP growth of around 5%.

Urban surveyed unemployment rate Around 5.5%, with over 12 million new urban jobs created. The increase in the consumer price index will be around 2%; resident income growth will be synchronized with economic growth. The balance of international payments will remain broadly balanced. Grain production will be approximately 1.4 trillion jin. Energy consumption per unit of GDP will decrease by about 3%, and the quality of the ecological environment will continue to improve.

Three, Key Priorities for 2025

Fiscal policy: Proposed issuance of ultra-long-term special government bonds 1.3 trillion yuan. It is proposed to issue special government bonds totaling 500 billion yuan to support large state-owned commercial banks in replenishing their capital. It is also proposed to allocate 4.4 trillion yuan in special local government bonds.

Boost consumption: Arrange ultra-long-term special government bonds. 300 billion yuan to support the trade-in program for consumer goods.

Government investment: This year, investment plans are proposed within the central budget. 735 billion yuan.

Future Industries: Establish a mechanism for increasing investment in future industries, and foster bio-manufacturing, quantum technology, and embodied intelligence. 6G and other future industries.

Industrial upgrading: Accelerate the digital transformation of the manufacturing sector and cultivate a group of service providers who are both industry-savvy and digitally proficient.

Digital Economy: Continue to advance steadily The “AI Plus” Initiative. We will support the widespread application of large-scale AI models. We will vigorously develop next-generation smart terminals—including intelligent connected new-energy vehicles, AI-powered mobile phones and computers, and smart robots—as well as intelligent manufacturing equipment.

Education: Deeply implement the project to expand and enhance the quality of basic education. Expand the supply of high school education places and gradually introduce free preschool education.

Technology: Improve support policies and market services for the commercialization of scientific and technological achievements, and enhance the effectiveness of such commercialization. Accelerate the development of venture capital and strengthen patient capital.

Private Economy: Private enterprises that meet the conditions are encouraged to establish and improve a modern enterprise system with Chinese characteristics. The government should integrate management into service, using warm and attentive service to bolster business confidence.

Open: Promote comprehensive pilot demonstrations for further opening up the service sector, and advance the orderly opening of sectors such as the internet and culture. Expand pilot programs for opening up in fields like telecommunications, healthcare, and education. Continue to build... “Invest in China” brand.

Housing: Adopt city-specific policies to ease restrictive measures. Promote the acquisition of existing commercial housing, granting greater autonomy to city governments in terms of the acquiring entities, pricing, and intended use. In response to the public’s demand for high-quality living, we will accelerate the development of housing that is safe, comfortable, green, and smart. “Good house.”

Rural Revitalization: Launch inter-provincial horizontal benefit compensation mechanisms under central coordination for grain production and sales regions, and increase support for major grain-producing counties. Promote integrated development—fostering industries, strengthening counties, and enriching farmers—based on local conditions, and ensure that this effort is carried out effectively. “Local Specialty” article.

Urbanization: Promote the inclusion of eligible agricultural migrants into the housing security system and facilitate their access to social insurance programs.

Regional Development: Support major economic provinces in taking the lead by formulating supportive policies in areas such as factor guarantees, technological innovation, and pioneering reforms and opening-up.

Ecological Construction: Fully advance the construction of a nature conservation area system centered on national parks. Solidly carry out the second batch of national pilot programs for peaking carbon emissions, and establish a number of zero-carbon parks and zero-carbon factories.

Employment: Coordinate the application of new technologies with job transitions to create new employment opportunities. Strengthen support for groups facing employment difficulties, such as older workers, people with disabilities, and those who have been unemployed for extended periods. Enhance protection of the rights and interests of workers in flexible employment and new forms of employment. Accelerate the establishment of a skills-based compensation and distribution system that rewards those who work harder, those with higher skills, and those who innovate more.

Healthcare Services: Establish a fee structure led by medical services, continuously improving healthcare services with patients at the center. Optimize the centralized procurement policy for pharmaceuticals, strengthen quality assessment and regulation, and ensure that the public can use medications with greater confidence. The per capita fiscal subsidy standards for residents’ basic medical insurance and essential public health services will each be further increased. 30 yuan and 5 yuan.

Social Security: The minimum standard for basic pensions for urban and rural residents is raised again. 20 yuan—appropriately increase basic pensions for retirees. Vigorously develop the silver economy. Strengthen care and support services for children in difficult circumstances, migrant children, and left-behind children.

Occupational Safety: Strengthen strict supervision and regulation of food and drugs, and ensure robust oversight of school meals and food delivery services on online platforms.

National Defense and Military Construction: Deeply advance training and war preparedness, and accelerate the development of new-quality combat capabilities. Jointly promote cross-military and civilian reforms, and optimize the structure and layout of the national defense science and technology industry.