Reform, opening-up and people-centered development will continue to drive progress

In his report on government work, which opened this year's annual session of the National People's Congress, Premier Li Qiang introduced the hard-won achievements of 2024 and set a practical government agenda for 2025.

Despite the external pressures and internal difficulties, the economy made steady progress last year, and the major goals of socioeconomic development were "smoothly accomplished", he said. With the emphasis on stability, innovation and balanced growth, Li outlined a road map for China's high-quality development for 2025 that seeks to tap the potential of market economy while taking full advantage of the "visible hand" of the government. Underscoring the nation's resolve to maintain stability while pursuing progress, the report sets a target of "around 5 percent" GDP growth and the creation of over 12 million jobs.

At the heart of the report is a strong focus on boosting domestic demand, which is identified as the top priority for 2025. By stimulating consumer spending and encouraging private sector investment, the government aims to counter slowing economic growth and create a robust internal market.

Measures to increase personal incomes, reduce financial burdens and improve the consumption environment are aimed at unlocking the potential for diversified and upgraded spending. Efforts will also be made to boost private investment and green consumption to further drive demand and consolidate domestic consumption's role as the main engine of growth.

Innovation remains a cornerstone of China's development strategy. The report highlights fully leveraging the country's ability to mobilize resources nationwide to intensify the push for breakthroughs in core technologies in key fields, R&D advancements in frontier and disruptive technologies, and to accelerate forward-looking planning for major science and technology projects.

The advancement of strategic emerging sectors such as biomanufacturing, quantum technology, and 6G is to be fostered and service-oriented manufacturing promoted. To further unleash the potential of the digital economy, the integration of artificial intelligence will be promoted across industries. And by leveraging the strengths of high-tech enterprises and facilitating collaboration among industries, universities and research institutes, China aims to achieve breakthroughs in core technologies and enhance its global competitiveness.

To promote more balanced development, the central government will regulate local investment policies and promote coordinated industrial planning. By addressing local debt concerns and regulating irrational market competition, the government aims to boost regional development vitality while preventing overcapacity.

Fiscal and monetary policies are to be fine-tuned to support less-developed areas, and advance new urbanization and all-around rural vitalization.

Reforms in key areas will seek to remove institutional barriers, foster a fairer market environment, and stimulate the vitality of market entities, with the reform of State-owned enterprises to be deepened and policies and measures implemented that are designed to spur the growth of the private sector.

Li also indicated the government's willingness to provide more policy support for the property sector. With local debt considered to be less of a risk, the property market, a critical pillar of the economy, is to receive targeted support with monetary policy instruments refined and new ones developed to provide stronger support for its healthy and sustainable development.

China's journey toward high-quality development is not just a national endeavor but a contribution to global stability and growth. By staying true to its new "innovative, coordinated, green, open and shared" development philosophy, China is poised to achieve the goals of its 14th Five-Year Plan (2021-25) and set an example for sustainable and inclusive development in the 21st century.

China's commitment to high-standard opening-up remains unwavering. By advancing opening-up in sectors such as telecommunications, healthcare and education, the government aims to attract foreign investment and strengthen international cooperation. Li indicated that pilot free trade zones are to be granted greater reform powers to improve the business environment in order to ensure that China remains a favored destination for global investors. High-quality Belt and Road cooperation is also being prioritized, with a focus on both large-scale projects and smaller, impactful initiatives that enhance public well-being.

Balancing immediate economic stability with longer-term strategic goals, the Government Work Report reflects the national leadership's clear vision for realizing high-quality development as the nation navigates the global headwinds and domestic challenges.