In 2025, two national meetings were held. This year is also an important one for further comprehensive and deeper reform. What's the point of this year's national day? The reporter of the economics reference journal has recently interviewed a number of people working in the industry, looking forward to hot spots and hot words that are closely related to the economic sphere。
One of the key words: “1455”
This year is the year of the admission of the “1455” planning officer, and the new five-year plan has come to light, an important node of inspiration。
Looking forward to this year's two national meetings, policy will focus attention on how to further strengthen efforts to promote high-quality implementation of the objectives of the “145” plan and to lay the foundations for a good start to the “155”。
“in 2025, policies will be further strengthened and the momentum for economic recovery will be further strengthened, which will be beneficial for the `xiv5' to `55' interface.” zhang zhang, a researcher in the macroeconomic research department of the centre for development studies of the state council, stated that, particularly in the area of fiscal policy, the central economic work conference at the end of last year had defined fiscal policy as “more active” and proposed specific initiatives such as raising the fiscal deficit rate and arranging for larger-scale government bonds. Markets had a high level of interest in the deployment of government reports, particularly the deficit rate and the size of government bonds。
It was also important to boost economic recovery and to promote the success of important reform initiatives. The director of economic research in asia and the chief chinese economist wang tao stated that policies are expected to emphasize deepening structural reforms in key areas, including the promotion of science, technology and innovation and the upgrading of research and development inputs。
Keyword ii:Quantification consumption
Among the nine priority tasks identified by the central economic work conference for 2025, “a major boost to consumption and investment efficiency and a comprehensive expansion of domestic demand” was the top priority, with the deployment of a “consumer-up” initiative. The expansion of domestic demand is seen by many industry as a long-term strategy, while boosting consumption is a top priority, and it is expected that “promoting consumption” will be one of the hot spots of discussion at the two national meetings this year。
In the view of industry, fiscal policy is expected to increase in favour of consumer goods in exchange for new ones. At the beginning of the year, the central financial authorities had pre-ordered the purchase of consumer goods in 2025 in exchange for the first $81 billion in new funds to support the integration of local policies. The chief economist of nomura, lu jin, stated that $150 billion over-long-term special government debt funds had been set aside in 2024 to support consumer goods in exchange for old ones and that in 2025, it was expected that more funds would be set aside in the extra-long-term special national debt to scale up large-scale equipment upgrades and consumer goods in exchange for old ones。
Consumption boosted, with a focus on closely linking consumption promotion and welfare. Efforts must be made to increase consumption capacity and willingness。
Zhang wing hee, a researcher at the institute of financial and economic strategies of the chinese academy of social sciences, recommended that the social security system be improved and that residents be “bold to consume”. Zhang wing hee stated that at the top, it was necessary to regulate the sharing of responsibilities between central and local expenditures, increase investment in basic public services and accelerate progress towards parity in basic public services. In particular, efforts should be made to increase the level of coverage of low- and middle-income groups in basic public services such as secure housing, education, health care, social security and old age, and to maintain policy stability and sustainability。
Keyword three:Ai+
Since the beginning of this year, deepseek, a large model of domestic production, has quickly “turned the circle” with open-source models and cost advantages, generating intense domestic and foreign attention. Many companies, including 100 degrees, ali baba, tunning, bytes, and others, have announced new actions for the ai-based model。
The analysis suggests that new developments in business reveal new trends in the development of artificial intelligence innovation, which is expected to continue to become a hot topic during the two sessions of the country this year, following the inclusion in the government's report of 2024 of the “operation artificial intelligence+” initiative。
Guo wai zhang, vice-president of the institute of intelligence of the chinese institute of industrial internet research, believes that the implementation of the "advanced intelligence plus" initiative can accelerate the matching of the supply of artificial intelligence technology with the needs of the scene, better link technological innovation, application of innovation and transformation of results, and bridge the “last kilometre” from laboratory to industry, creating a virtuous cycle of market demand。
The data show that there are currently more than 4,500 artificial intelligence enterprises in the country, and that the core industry is close to rmb 600 billion, with industrial chains covering key upstream and downstream links such as chips, algorithms, data, platforms, applications, etc。
In the next step, the related policy support will continue to increase. For example, the ministry of industry and information technology will support the acceleration of computing, algorithms, data-research efforts by enterprises, scientific institutions and others, strengthen the development of generic large models and large industry models and promote the deeper integration of artificial intelligence and priority industries. Local efforts have also been made to develop targeted industrial policies and incentives to create artificially intelligent industrial clusters。
Keyword four: medium- and long-term financial entry
Further blockage and strong promotion of medium- and long-term capital entry are important elements of a comprehensive reform to deepen capital market financing. Recently, the central financial office, the cvm and others jointly issued the implementation programme for the promotion of medium- and long-term finance. At the two national meetings this year, the “middle- and long-term financial entry” is expected to be one of the hot spots of concern。
The chief economist of the former open source fund, yang drum, stated that policy guidance should be used to effectively extend the appraisal cycle of investment managers so that they would be more focused on long-term investment returns without fear of short-term fluctuations. At the same time, the pension will be directed towards increasing the proportion of the market for investment interests。
The co-facilitator of the audit services market of the an yong-china region, tung chulhui, stated that tax policy needed to reflect “long-term friendship” and the legal framework needed to reflect “stability and protection” and channel long-term funds to key areas of the real economy. The ultimate goal is to create a virtuous circle of “policy support - financial entry - business growth - and payback back” that will contribute to high-quality economic development. In particular, in the area of taxation, tax relief should be granted for long-term capital investments, laws and regulations should be enacted specifically for the entry of medium- and long-term funds, the basic rules, rights and obligations of long-term capital investment, the regulatory framework should be defined, the limits of the authority and responsibility of long-term funds and managers should be clearly defined, and violations such as “short-term investment” and “duration mismatches” should be severely punished。
Keywords quinquies:Private economy
The private economy is a force for modernization in china and an important foundation for high-quality development. The most recent data show that the number of national enterprises accounts for more than 92 per cent of the total number of enterprises; the share of private enterprises in the country's high-technology enterprises has expanded to over 92 per cent. The recent private sector symposium had sent an important signal for the healthy and high-quality development of the private sector。
According to industry sources, the “private economy” is also expected to become one of the hot words of the two national conferences。
The partner in charge of tax policy in the antung-china region, shen yinghua, stated that small and medium-sized private enterprises were currently paying close attention to tax cuts and recovery, and looked forward to stronger and more accurate tax and fee support measures. For private enterprises that “go out”, stronger policy support and professional guidance from the relevant state authorities are expected to protect private enterprises from the sea。
It is noteworthy that my country is accelerating the introduction of a private economic promotion law. “this will serve as a very important safeguard for private economic development at the level of the legal system.” tan ho-jun, a part-time professor at the university of economics and law, china。
Keywords sex: counter-invert
Recently, the general directorate of markets organized a fair competition symposium for enterprises, which allowed for in-depth exchanges with the heads of seven enterprises on the control of “inner volume” competition. Beijing, jiangsu and hunan have also been deployed in the recent past to address the “inner volume” competition。
In the expert's view, with the central economic work conference proposing “a comprehensive approach to `inner-voltaic' competition to regulate the behaviour of local governments and enterprises”, the ministry's local series of initiatives sends a clear signal of optimizing the market environment and avoiding the risk that short-term benefits may lead to harmful competition. This year, the two national congresses will explore further the path of “counter-in” treachery。
The vice-minister of science and information of china's international economic exchange centre, liu tungdong, is of the view that the management of “inner-roll” competition needs to lead industries and enterprises away from low-cost, low-quality and low-cost access to markets and towards a virtuous competition led by high-quality differences in science, technology and innovation. At the same time, there is a need to effectively regulate local solicitation and create a better business environment and an innovative environment for investment。
The director of the research office of the institute of new industrialization of the sidi institute, chen zhongxian, considered that the integrated management of “inner-roll” competition was an important initiative to transform the path of economic growth and innovative productivity development, focusing on policy initiatives to regulate the economic development of local governments and to support enterprises, to strengthen regulatory enforcement of administrative monopolies and to strictly enforce a fair competition review system. (reporter zhang moo, guo xing, wu lihua)
