China to implement more proactive macroeconomic policy in 2025

China will implement a more proactive macroeconomic policy next year, as it remains an important engine of global economic growth, said a senior official.

The remarks, made by an official from the Office of the Central Committee for Financial and Economic Affairs, came after last week's tone-setting Central Economic Work Conference.

Judging from the current economic operation, the annual economic growth is expected to be around 5 percent, and China remains an important engine of world economic growth, said the official.

Next year, China will implement a more proactive fiscal policy for the first time, and adopt a moderately loose monetary policy after having a prudent monetary policy for 14 consecutive years, according to the official.

In terms of policy intensity, China will increase the fiscal deficit rate and the issuance of ultra-long-term special treasury bonds and local government special bonds. It will also step up the fiscal expenditure to ensure a strong boost to economic growth.

In terms of policy focus, efforts will be made to optimize the fiscal expenditure structure and expand the investment areas of special bonds and their scope of use as project capital. The country will make good use of the transfer payment policy and provide solid guarantees for the three priorities at the primary level, namely people’s basic wellbeing, payment of salaries, and normal government functioning, said the official.

China will promote fiscal and taxation system reform, and strive for new breakthroughs in zero-based budget reform and take steps to move excise tax collection for some items further down the production-to-consumption chain, said the official.

The moderately loose monetary policy will further give play to the dual functions of monetary policy tools in terms of both total volume and structure, and promote faster and more capital flows to the real economy, according to the official.

The country will implement timely cuts in reserve requirements and interest rates and maintain ample liquidity, so that the growth of social financing scale and money supply will match the expected targets of economic growth and overall price level.

Efforts will be made to maintain the basic stability of the Chinese yuan exchange rate at a reasonable and balanced level.

China will also explore and expand the central bank's macro-prudential and financial stability functions, innovate financial tools, and maintain financial market stability, said the official.

China to implement more proactive macroeconomic policy in 2025

Macao is harnessing its unique fusion of Chinese and Western influences to enhance its identity as a global hub of culture and arts, said Leong Wai Man, director of Macao's Cultural Affairs Bureau.

Residents in the region are reflecting on its recent history and achievements as Macao will celebrate the 25th anniversary of its return to China on Dec. 20.

In a recent interview with China Global Television Network (CGTN), Leong said the special administrative region is striving to rediscover and revitalize historical and cultural resources that have been overlooked, making effective use of them to help more people appreciate their significance.

"Since Macao's return to the motherland, we have witnessed remarkable growth in our cultural initiatives and the development of cultural industries. Macao has earned a place on the list of UNESCO World Heritage sites, recognized as a Creative City of Gastronomy, and is listed in the Memory of the World Register. Most recently, Macao was named the 2025 East Asian Cultural City. These honors underscore Macao's ability to gain international recognition through its cultural strengths," said Leong.

These honors underscore Macao's ability to gain international recognition through its cultural strengths, she added.

Leong said the SAR government will continue to tap into the region's unique blend of cultures, which is reflected not only in its architecture but the daily lives and intangible heritage of its residents.

"We are currently working to position Macao as a hub for performing arts. Over the past few decades, we have laid a solid foundation in this area. The central government's designation of Macao as 'One Center, One Platform, One Base' highlights its strategic importance in cultural and international exchanges," said the official.

"One Center, One Platform, One Base" refers to the ideal of Macao being a world center of tourism and leisure, a commercial and trade cooperation service platform between China and Portuguese-speaking countries, and a base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist.

Looking ahead, Macao aims to continuously enhance its influence in cultural affairs, Leong said, adding that through international platforms, the SAR will contribute to telling China's story on the global stage.

Macao sees remarkable growth in cultural initiatives since its return to China: official