This year, China's fiscal policy will prioritize boosting consumption, expanding effective investment, and fostering new quality productive forces, so as to sustain economic growth, said Lan Fo'an, Minister of Finance, during a symposium at the ongoing China Development Forum 2025 in Beijing on Sunday.
Speaking at the Symposium on Macro Policies and Economic Growth, Lan emphasized that to vigorously boost consumption, China will issue ultra-long special treasury bonds totaling 300 billion yuan (approximately 41.4 billion U.S. dollars) this year to support the trade-in program, directly lowering consumers' shopping costs. The ministry plans to enhance both the capacity and willingness to consume by raising pensions, providing medical subsidies, and aligning financial policies. Additionally, interest subsidies will be offered for personal consumption loans and corporate loans in related sectors.
"This year, the government's total investment is substantial, and the overall allocation of funds from various channels is strategically prioritized. We will continue issuing ultra-long special treasury bonds to provide stronger support for implementing major national strategies, enhancing security capacity in key areas, and facilitating large-scale equipment upgrades and consumer goods trade-in programs. Additionally, 4.4 trillion yuan (approximately 610 billion U.S. dollars) in local government special-purpose bonds will be issued, and a new mechanism for managing special bonds will be established to grant local governments greater autonomy. At the same time, efforts will be made to encourage private investment and stimulate a broader range of social investments to sustain growth," said Lan.
He noted that, in terms of accelerating the cultivation and development of new quality productive forces, this year the ministry will intensify support for educational and sci-tech talent, promote deeper integration of scientific and technological innovation with industrial innovation, continue to increase financial investment in science and technology, and provide backing for making breakthroughs in core technologies in key fields.
The China Development Forum 2025 is being held on March 23 and 24 titled "Unleashing Development Momentum for Stable Growth of Global Economy".
This year's forum features 12 symposiums and several closed-door sessions, covering topics such as healthcare, consumption, AI and sustainable supply chains.
China to prioritize consumption boost in fiscal policies: minister
The Boao Forum for Asia (BFA) has become more indispensable than ever in today's fast-evolving global landscape, according to Tan Kong Yam, an Emeritus Professor of Economics with the School of Social Sciences, Singapore's Nanyang Technological University.
The Boao Forum for Asia 2025 Annual Conference opened on Tuesday in the town of Boao in south China's Hainan Province.
With the theme "Asia in the Changing World: Towards a Shared Future", the four-day forum has attracted nearly 2,000 attendees from more than 60 countries and regions to participate in more than 50 events and many bilateral events, according to the press conference.
"We are currently living through an era of profound global changes, marked by rising geopolitical tension, economic fragmentation, the climate crisis and disruptive technological shift all occurring simultaneously. In such a complex environment, dialog platforms like the Boao Forum for Asia has not diminished in importance, rather they have become even more indispensable than ever before," said Tan.
The BFA provides a distinctive Asian perspective for improving global governance, as well as more opportunities for developing countries and Global South countries to voice their opinions, said Tan.
"Boao has a unique positioning as a high-level dialog platform. Centered on Asia, Boao distinguishes itself from other international forums typically dominated by the West. It provides a valuable opportunity for developing countries, especially those in Asia and the Global South, to make their voices heard. Boao Forum is critical for promoting regional cooperation, especially in key areas such as infrastructure, trade, green development and the digital economy. The forum is a platform for soft power. In an increasingly multi-polar world, Boao helps build trust through dialogs," he said.
Tan also highlighted that Chinese economy shows remarkable resilience, marked by advancements across various sectors, including artificial intelligence.
"The overall outlook for China's economy continues to show strong resilience. Key sectors such as the advanced manufacturing, artificial intelligence, semiconductors and clean energy are receiving robust policy support. The roll-out of the digital renminbi and the development of smart logistics also indicate that China is actively positioning itself for future economic trends. In recent years, China's progress in the field of artificial intelligence has been remarkable. A particular note is the breakthrough achieved by DeepSeek, which stands as a concentrated expression of China's innovation capacity in AI. It is a result of the synergy between China's national technology strategy, vast market scale, institutional advantages and global outreach. It not only signals China's growing global competitiveness in AI, but also position China as a potential driver of the next global productivity revolution," he said.
The BFA was founded in 2001 and offers a platform for dialogue between leaders from government, business, academia and other organizations to discuss economic, social and environmental issues, promote economic cooperation and support the sustainable development of Asia's economy.
Boao Forum more indispensable in current rapidly-changing world: economist
