Core Summary of the 2025 Central Economic Work Conference Spirit

At the critical juncture of the conclusion of the "14th Five-Year Plan" and the commencement of the "15th Five-Year Plan", the Central Financial Office elaborates on the spirit of the 2025 Central Economic Work Conference, clarifying the direction of economic development for the coming year.

In 2025, China's economic operation is expected to maintain stability with progress, with an annual growth rate projected at around 5%, and the total output expected to reach 140 trillion yuan. The development of new productive forces, the promotion of reform and opening up, risk resolution, and the guarantee of people's well-being have all shown significant results; at the same time, challenges such as a complex external environment and strong supply but weak demand domestically are faced, while the long-term positive fundamentals of the economy remain unchanged.

Next year, more proactive and effective macroeconomic policies will be implemented: fiscal policies will maintain necessary deficits and debt levels, optimizing expenditure structures and focusing efforts upfront; monetary policies will, for the first time, incorporate stable growth and stable prices into considerations, maintaining ample liquidity and precisely supporting key areas.

Expanding domestic demand is the primary task, with consumption responding to structural changes by increasing income, improving quality, and loosening restrictions to unleash potential; the investment side will focus on areas with shortcomings, leveraging government investment to stimulate private investment vitality.

The conference has deployed plans to expand the international scientific and technological innovation centers in Beijing and Shanghai to the Beijing-Tianjin-Hebei region and the Yangtze River Delta, forming an innovative synergy with the Guangdong-Hong Kong-Macau Greater Bay Area, with relevant construction plans being accelerated.

Deepening the construction of a unified national market, breaking through bottlenecks from three aspects: improving market rules, standardizing government behavior, and rectifying "involutionary" competition; at the same time, expanding high-level opening up, promoting institutional opening, enhancing foreign trade quality and efficiency, and optimizing the foreign investment environment.

Regarding regional coordinated development, the implementation plan for the "15th Five-Year Plan" will be formulated, promoting coordinated development of the four major regions, supporting major economic provinces to take the lead, and facilitating urban-rural integration and regional linkage.

Around the "dual carbon" goals, next year will fully shift to double control of carbon emissions, accelerate the construction of a new energy system, develop green and low-carbon industries, and promote ecological protection and disaster prevention capacity building.

In the employment sector, actions will be implemented to stabilize jobs and expand capacity while improving quality, strengthening the role of policies, focusing on key groups such as college graduates, conducting skills training, and ensuring the rights and interests of flexible employment personnel.

The real estate market will stabilize by focusing on both supply and demand sides, supporting the transformation and development of real estate enterprises, accelerating the construction of a new development model linking "people, houses, land, and money", and releasing both rigid and improved housing demand.