China's ministerial-level officials attending the just-concluded Central Economic Work Conference have pledged to tackle challenges head-on and take bold actions to ensure steady and sustained economic growth in 2025.
The annual Central Economic Work Conference was held in Beijing from Wednesday to Thursday.
Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, delivered an important speech at the conference, analyzing the current economic situation and arranging next year's economic work.
The officials also expressed their determination to implement the adopted policies with precision to push for the accomplishment of the goals and tasks outlined in the 14th Five-Year Plan (2021-2025) with high quality so as to lay a solid foundation for a good start to the 15th Five-Year Plan (2026-2030).
Stable production and supply of grain and other key farm produces should be ensured, while the governance of super-large and mega cities should be more modernized, according to the meeting.
Han Jun, minister of agriculture and rural affairs, reaffirmed the commitment to the country's food security while consolidating achievements in poverty alleviation.
"We will unwaveringly ensure stable production and supply of grain and other key farm produces so that China's food supply is firmly kept in its hands. More solid work needs to be done to consolidate and expand the achievements of poverty alleviation and prevent any risk of lapsing or relapsing into poverty en masse in rural areas so as to provide strong support for stable economic performance and overall social stability," he said.
Yin Hong, secretary of the CPC Jiangxi Provincial Committee, stressed that it is imperative to have a stronger sense of responsibility and urgency in earnest implementation of the priorities for the economic work in 2025.
The conference outlined priorities in nine aspects, including vigorously boosting consumption, improving investment efficiency, and expanding domestic demand on all fronts. Another top priority is to use scientific and technological innovation to lead the development of new quality productive forces and build a modern industrial system.
"The general secretary has set out plans for next year's economic work and outlined tasks in nine aspects which, I think, are both comprehensive and systematic, reflecting the CPC Central Committee's strategic vision and dialectical understanding of the overall economic development. For Jiangxi Province, a central region, our priority is to seize the driving forces of industrial development and capitalize on policies aimed at expanding domestic demand, particularly those designed to boost consumption. This will help mobilize enthusiasm across all sectors, stabilize public expectations, and maintain strategic resolve," he said.
The meeting also called for efforts to pursue coordinated progress in new urbanization and all-around rural revitalization and promote integrated urban-rural development.
Zhao Yide, secretary of the CPC Shaanxi Provincial Committee, underscored plans to integrate education, technology and talent to modernize industries in the province.
"Shaanxi Province will prioritize integrated reforms in education, science, technology and the system of talent selection to empower the development of a modern industrial system. By taking the China-Europe Railway Express assembly center as a hub, we aim to establish a leading inland region for reform and opening-up. By strengthening county-level economies as a foundation, we will advance urban-rural integration and rural revitalization and push for more solid progress toward high-quality development," said Zhao.
Senior officials vow concrete actions to sustain economic growth in 2025
China's decision to shift next year's monetary policy stance from "prudent" to "moderately loose" signals a firm commitment to proactive macroeconomic policies aimed at accelerating economic growth, according to a senior official at the People's Bank of China (PBOC).
The country's annual Central Economic Work Conference was held in Beijing from Wednesday to Thursday, with Chinese leaders deciding priorities for economic work in 2025. During the tone-setting meeting, it was stressed that a moderately loose monetary policy should be implemented, with reductions in the reserve requirement ratio and interest rates at an appropriate timing to ensure ample liquidity.
Zou Lan, head of the PBOC's Monetary Policy Department, said that the central bank will continue to implement a comprehensive set of measures to ensure robust policy support for stabilizing economic growth. A more moderate policy is expected to bolster investor confidence and consumer willingness to spend.
"The central government's decision to adopt a 'moderately loose' monetary policy carries significant signaling value, reinforcing policy continuity and effectiveness. This shift is conducive to increasing investor confidence, enhancing consumer willingness to spend, and further stimulating the initiative and dynamism of economic entities, thereby promoting a virtuous cycle in the real economy," Zou said.
The decision comes against a backdrop of mounting external uncertainties and persistent domestic economic challenges. According to Zou, the adoption of a moderately loose stance underscores the central bank's resolve to enhance its ability to respond to such headwinds.
"The PBOC will effectively implement a moderate loose monetary policy, timely adjusting reserve requirements and interest rates to maintain ample liquidity. We will ensure that the growth of aggregate financing and money supply aligns with our economic growth and inflation targets. On pricing, we will keep pushing forward; on aggregate levels, we will continue to exert force; and structurally, we will focus our efforts to enhance the transmission mechanism of monetary policy, prevent capital mis-allocation, and strike a balance between supporting the real economy and maintaining the stability of the banking system, thereby promoting a sustained recovery in the economy," he said.
According to Zou, the monetary policy will remain closely coordinated with other macroeconomic measures to enhance overall policy effectiveness. Looking ahead, the central bank plans to lower the overall cost of financing for businesses and households, providing a favorable interest rate environment to stimulate consumption and investment. These moves are anticipated to stabilize competition in deposit and loan markets and enhance banks' ability to price autonomously and rationally.
"The PBOC will flexibly utilize various monetary policy tools, including reserve requirements, open market operations, and re-lending, to ensure ample liquidity in the banking system. It will guide banks to tap into effective credit demand and further activate existing assets to promote stable monetary credit operations. Structural monetary policy tools will also be leveraged to provide targeted incentives, focusing on developing science and technology finance, green finance, inclusive finance, old-age finance and digital finance. These efforts aim to more effectively meet reasonable financing needs for consumption, thereby fostering the stable and healthy development of both the real estate market and capital markets," Zou said.
In addition to domestic monetary measures, the PBOC plans to deepen reforms in exchange rate marketization and strengthen expectations management to cushion external shocks, so as to guard against the risks of excessive exchange rate fluctuations while maintaining the renminbi's stability at a reasonable and balanced level. Moreover, the central bank is committed to improving overall policy efficiency, Zou said.
"We will coordinate macroeconomic policies to deliver a powerful policy combination. This includes creating a favorable liquidity environment for government bond issuance, increasing government bond market operations, and enhancing the impact of a more active fiscal policy. Together, these measures will support economic growth and structural adjustments," he added.
Moderately loose monetary policy reflects China's resolve to boost growth: central bank official
