In an assertive move toward revitalizing its economy, Chinese Premier Li Qiang outlined ambitious measures in the government work report for 2025. The new strategy emphasizes boosting consumption, enhancing investment returns, and strengthening domestic demand to serve as the main engine of economic growth.
A key initiative involves issuing ultra-long special treasury bonds totaling 300 billion yuan (approximately $41.5 billion) to support trade-in programs for consumer goods. This fiscal push comes amid recent data showing a year-on-year consumer price index decline of 0.7 percent and a month-on-month decrease of 0.2 percent in February, underscoring challenges in domestic consumption.
Despite achieving a 5 percent economic growth rate in 2024, China faces downward pressure from subdued effective demand and global economic uncertainties. Officials are calling for even stronger policies to stimulate the economy and secure the 2025 GDP target of around 5 percent.
As the global economy navigates volatile trade frictions and slow growth, these measures reflect a strategic blueprint for transformation and resilience, aiming to reinvigorate domestic markets and foster sustainable development in the years ahead.
Reference(s):
cgtn.com
