China's trio of strategic measures promotes robust global economic expansion
The government work report conveys a strong message to the global community that China is dedicated to high-quality and pragmatic development.
TroibNews 
**Editor's Note:** Dong Shaopeng is a senior research fellow at the Chongyang Institute for Financial Studies, Renmin University of China. The article represents the author's opinions and not necessarily the views of CN. It has been translated from Chinese and edited for clarity and brevity.
On March 5, Chinese Premier Li Qiang presented a government work report at the third session of the 14th National People's Congress, outlining the key development targets for 2025. These include a GDP growth rate of approximately 5 percent, a consumer price index increase of around 2 percent, and the creation of over 12 million new urban jobs. He highlighted the government's commitment to "make macro regulation more forward-looking, targeted, and effective" and "shape positive public expectations," sending a resolute message to the world regarding China's dedication to high-quality and pragmatic development.
China plans to significantly increase investment in scientific and technological innovation and industrial innovation to boost both economic growth and the quality of life for its citizens. The focus on innovation is designed to improve production quality and living standards. Furthermore, advances in cutting-edge technology not only reflect national strength but are also crucial to national security and development interests.
China will concentrate on leading the global high-tech competition, seeking advancements in fields such as aerospace, biomanufacturing, artificial intelligence, big data, new materials, and green technology, while also reinforcing fundamental research to secure long-term competitiveness in science and technology. Concurrently, the country aims to leverage its scientific achievements to transform traditional industries, enhance the high-quality development of key manufacturing sectors, and accelerate progress in technological re-engineering and major equipment research. Through the AI Plus initiative, China intends to integrate digital technologies with its manufacturing and market strengths, promote the widespread use of large-scale AI models, and develop next-generation intelligent devices, including smart manufacturing equipment and connected new-energy vehicles.
Looking ahead, China will boost investment in education at all levels and refine institutional mechanisms to ensure a steady flow of skilled talent across various fields. It aims to implement a three-year action plan focusing on education enhancement. In terms of scientific and technological investment, China will harness its comprehensive resource mobilization system to channel human, financial, and material resources into breakthroughs in core technologies within critical sectors. The initiatives will also prioritize R&D in cutting-edge technologies while swiftly implementing major science and technology projects. The government plans to maximize the influence of leading high-tech enterprises, promote collaboration among industry, academia, and research institutions, and offer institutional backing for companies involved in national scientific initiatives. Additionally, there will be a stronger emphasis on protecting and utilizing intellectual property rights and better mobilizing financial markets to support innovation.
China will also adopt more proactive policy measures to stimulate consumer demand, thereby reinforcing the domestic economy. As the world's largest manufacturing entity, China surpassed the United States in value-added manufacturing in 2010 and has consistently maintained its lead. The country produces a diverse array of products, including raw materials and consumer goods, and dominates the output of over 40 percent of the global market for major industrial products. In the face of declining global demand, boosting domestic demand, particularly consumer demand, has become crucial for expanding the value and scale of domestic circulation.
Notably, many of China's export products have been tailored to meet the preferences of international consumers. However, as domestic income levels rise and consumption habits shift, there is expected to be significant growth in the demand for high-quality household products and everyday necessities. The modern service sectors related to clothing, food, accommodation, transportation, healthcare, elder care, education, and financial services also require substantial improvements in infrastructure, technology, and management.
In response to these needs, the report emphasizes initiatives such as "promoting personal income growth through a variety of avenues," "increasing the diversified supply of health, elderly care, childcare, and domestic services," "accelerating the growth of digital, green, smart, and other new types of consumption," and "improving the leave system and ensuring its effective implementation to unlock consumption potential in culture, tourism, sports, and other sectors." These strategies are designed to unleash pent-up demand and foster a harmonious relationship between supply and demand, creating a cycle of high-quality production and consumption. As targeted measures to enhance consumption are progressively rolled out, both domestic investment and consumer demand are expected to grow in scale and improve in quality.
Moreover, China remains a strong supporter of the global free trade system. It aims to leverage its high-quality development to counteract the effects of deglobalization and unilateralism, contributing to stable global economic growth. The current backlash against economic globalization is largely linked to declining global demand. Countries that previously held strong positions in certain industries have lost competitive advantages due to policy errors and shifts in the industrial landscape, leading them to resort to tariffs and trade restrictions that threaten the free trade system.
In light of these challenges, China is committed to open development and actively collaborates with all nations and organizations willing to engage in mutually beneficial cooperation. This approach is intended to stabilize import and export markets, attract foreign investment, and continuously enhance the business environment. Simultaneously, China will actively counter unfair competition that undermines the free trade framework. Following the recent imposition of additional tariffs on Chinese exports by the United States, China has already initiated countermeasures.
China's commitment to expanding its openness and strengthening international cooperation aligns with its opposition to trade protectionism and unilateralism. As a key player in the global economy, China aims to persistently broaden institutional openness and proactively open its markets in an orderly fashion, working collaboratively with other nations to share the responsibility of promoting economic globalization.
Thomas Evans contributed to this report for TROIB News
On March 5, Chinese Premier Li Qiang presented a government work report at the third session of the 14th National People's Congress, outlining the key development targets for 2025. These include a GDP growth rate of approximately 5 percent, a consumer price index increase of around 2 percent, and the creation of over 12 million new urban jobs. He highlighted the government's commitment to "make macro regulation more forward-looking, targeted, and effective" and "shape positive public expectations," sending a resolute message to the world regarding China's dedication to high-quality and pragmatic development.
China plans to significantly increase investment in scientific and technological innovation and industrial innovation to boost both economic growth and the quality of life for its citizens. The focus on innovation is designed to improve production quality and living standards. Furthermore, advances in cutting-edge technology not only reflect national strength but are also crucial to national security and development interests.
China will concentrate on leading the global high-tech competition, seeking advancements in fields such as aerospace, biomanufacturing, artificial intelligence, big data, new materials, and green technology, while also reinforcing fundamental research to secure long-term competitiveness in science and technology. Concurrently, the country aims to leverage its scientific achievements to transform traditional industries, enhance the high-quality development of key manufacturing sectors, and accelerate progress in technological re-engineering and major equipment research. Through the AI Plus initiative, China intends to integrate digital technologies with its manufacturing and market strengths, promote the widespread use of large-scale AI models, and develop next-generation intelligent devices, including smart manufacturing equipment and connected new-energy vehicles.
Looking ahead, China will boost investment in education at all levels and refine institutional mechanisms to ensure a steady flow of skilled talent across various fields. It aims to implement a three-year action plan focusing on education enhancement. In terms of scientific and technological investment, China will harness its comprehensive resource mobilization system to channel human, financial, and material resources into breakthroughs in core technologies within critical sectors. The initiatives will also prioritize R&D in cutting-edge technologies while swiftly implementing major science and technology projects. The government plans to maximize the influence of leading high-tech enterprises, promote collaboration among industry, academia, and research institutions, and offer institutional backing for companies involved in national scientific initiatives. Additionally, there will be a stronger emphasis on protecting and utilizing intellectual property rights and better mobilizing financial markets to support innovation.
China will also adopt more proactive policy measures to stimulate consumer demand, thereby reinforcing the domestic economy. As the world's largest manufacturing entity, China surpassed the United States in value-added manufacturing in 2010 and has consistently maintained its lead. The country produces a diverse array of products, including raw materials and consumer goods, and dominates the output of over 40 percent of the global market for major industrial products. In the face of declining global demand, boosting domestic demand, particularly consumer demand, has become crucial for expanding the value and scale of domestic circulation.
Notably, many of China's export products have been tailored to meet the preferences of international consumers. However, as domestic income levels rise and consumption habits shift, there is expected to be significant growth in the demand for high-quality household products and everyday necessities. The modern service sectors related to clothing, food, accommodation, transportation, healthcare, elder care, education, and financial services also require substantial improvements in infrastructure, technology, and management.
In response to these needs, the report emphasizes initiatives such as "promoting personal income growth through a variety of avenues," "increasing the diversified supply of health, elderly care, childcare, and domestic services," "accelerating the growth of digital, green, smart, and other new types of consumption," and "improving the leave system and ensuring its effective implementation to unlock consumption potential in culture, tourism, sports, and other sectors." These strategies are designed to unleash pent-up demand and foster a harmonious relationship between supply and demand, creating a cycle of high-quality production and consumption. As targeted measures to enhance consumption are progressively rolled out, both domestic investment and consumer demand are expected to grow in scale and improve in quality.
Moreover, China remains a strong supporter of the global free trade system. It aims to leverage its high-quality development to counteract the effects of deglobalization and unilateralism, contributing to stable global economic growth. The current backlash against economic globalization is largely linked to declining global demand. Countries that previously held strong positions in certain industries have lost competitive advantages due to policy errors and shifts in the industrial landscape, leading them to resort to tariffs and trade restrictions that threaten the free trade system.
In light of these challenges, China is committed to open development and actively collaborates with all nations and organizations willing to engage in mutually beneficial cooperation. This approach is intended to stabilize import and export markets, attract foreign investment, and continuously enhance the business environment. Simultaneously, China will actively counter unfair competition that undermines the free trade framework. Following the recent imposition of additional tariffs on Chinese exports by the United States, China has already initiated countermeasures.
China's commitment to expanding its openness and strengthening international cooperation aligns with its opposition to trade protectionism and unilateralism. As a key player in the global economy, China aims to persistently broaden institutional openness and proactively open its markets in an orderly fashion, working collaboratively with other nations to share the responsibility of promoting economic globalization.
Thomas Evans contributed to this report for TROIB News
