Adding Value, Subtracting Burdens: China's Roadmap to Sustainable Growth
The key words in the government work report can be summarized as "addition, subtraction, multiplication, and division," which represent the government's efforts to promote economic growth, improve people's livelihood, and enhance the quality of development. The concept of "addition" refers to the government's efforts to increase investment in people's livelihood, such as raising the standards for medical insurance and basic public health services, and improving the minimum standard for urban and rural residents' basic old-age insurance. The government also aims to expand the supply of multivariate services, including health, elderly care, childcare, and family services.
5 March 2025
On the other hand, "subtraction" refers to the government's efforts to reduce unnecessary burdens on the people and enterprises, such as reducing logistics costs, simplifying administrative procedures, and eliminating redundant and repetitive checks and inspections. The government also aims to reduce waste and ensure that every penny is spent where it is needed. Additionally, the report proposes to implement policies that support the growth of domestic demand, such as improving the income of residents, expanding the coverage of social security, and promoting the development of the service sector.
The report also highlights the importance of innovation, which is considered the primary driving force for development, represented by the concept of "multiplication." The government aims to promote the integration of science and technology innovation with industrial innovation, and to foster new industries and new business forms. Furthermore, the concept of "division" refers to the government's efforts to eliminate obstacles and barriers that hinder economic development, such as breaking down local protectionism and market segmentation, and creating a fair and transparent business environment.
In terms of consumption, the report emphasizes the need to boost consumption throughout the year, proposing to implement policies that support the growth of domestic demand. The report also mentions the "old-for-new policy for consumer goods," which aims to encourage the replacement of old products with new ones, thereby driving consumption and promoting the development of related industries. This policy is expected to have a positive impact on the economy and contribute to the growth of domestic demand.
The government work report outlines several key expectations for future development, including improving people's livelihoods, strengthening macroeconomic policies, and promoting the development of new industries and technologies. The goal is to achieve a GDP growth rate of around 5%, a surveyed urban unemployment rate of around 5.5%, and an increase of over 12 million new urban jobs. The report also aims to keep the resident consumer price index (CPI) growth rate at around 2%. To achieve these goals, the government plans to implement a series of measures, including reducing unnecessary expenditures, streamlining administrative procedures, and promoting innovation and entrepreneurship.
Overall, the government work report outlines a comprehensive plan for future development, with a focus on improving people's livelihoods, promoting economic growth, and enhancing the overall well-being of society. The report's emphasis on using a combination of policies and measures to achieve its development goals reflects the government's commitment to creating a more sustainable and balanced economic growth model. By implementing these policies, the government aims to create a fair and transparent business environment, promote innovation and entrepreneurship, and ensure that every penny is spent where it is needed, ultimately driving economic growth and improving people's livelihoods.
