Regarding the construction of "two major" projects

As of now, projects supported by the 700 billion yuan of ultra-long-term special government bonds in 2024 have basically all started construction, with investment exceeding 1.2 trillion yuan, and the project list for approximately 100 billion yuan in 2025 has also been issued in advance.

In 2025, ultra-long-term special government bonds will be issued in increased amounts, and another batch of project lists will be issued soon.

This year, ultra-long-term special government bonds will be issued in increased amounts to provide greater support for the construction of "two major" projects. The National Development and Reform Commission, together with relevant departments, will increase efforts in three aspects.

First, increase the construction efforts. Continue to support key tasks such as ecological environmental protection and green development in the Yangtze River Economic Belt, the Western Land-Sea Corridor, the construction of a public service system for the urbanization of the agricultural transfer population, and the improvement of higher education quality. Expand the scope of water conservancy support to large and medium-sized irrigation areas and large and medium-sized water diversion projects nationwide; include key metropolitan area intercity railway construction projects in the scope of support; and implement actions to effectively reduce the overall logistics costs nationwide.

Second, strengthen the combination of hardware and software. Adhere to the combination of project construction and supporting reforms, accelerate the promotion of planning and policy formulation and institutional and mechanism innovation, improve the investment mechanism, and improve the comprehensive investment efficiency.

Third, accelerate the work progress. Based on the advance issuance of the project list of approximately 100 billion yuan this year last year, another batch of project lists will be issued soon to promote the rapid formation of physical workload.

Regarding the "two new" initiatives

300 billion yuan of ultra-long-term special government bonds were allocated in 2024 to support "two new" initiatives. In the first 11 months of 2024, the national investment in equipment and tools increased by 15.8% year-on-year, contributing 65.3% to the overall investment growth. In the trade-in activities, more than 60% of consumers chose to buy new energy vehicles, pushing the domestic market penetration rate of new energy passenger vehicles to exceed 50% for six consecutive months.

In 2025, subsidies for the purchase of new mobile phones and other digital products will be implemented, and the scope of equipment renewal support will be expanded.

This year, the scale of ultra-long-term special government bond funds will be significantly increased to strengthen and expand the implementation of the "two new" initiatives.

First, expand the scope. Expand the scope of equipment renewal support to the electronic information, safety production, and facility agriculture sectors. Implement subsidies for the purchase of new mobile phones and other digital products, providing subsidies to individual consumers for the purchase of three types of digital products: mobile phones, tablets, and smart watches and bracelets.

Second, improve standards. Further improve the subsidy standards for the renewal of new energy city buses and power batteries, and the scrapping and renewal of agricultural machinery. Increase support for the renewal of home improvement consumer goods.

Third, improve the mechanism. Further simplify the equipment renewal approval process and improve the convenience of equipment renewal for business entities. Optimize the allocation of funds for the trade-in of consumer goods, tilting towards regions with better performance last year; reduce the capital investment and operating pressure of enterprises, simplify the subsidy process, and promptly and efficiently disburse subsidy funds; regulate market order, strengthen project fund supervision, etc., to continuously improve policy effectiveness.

Regarding Consumption

In 2025, China's advantages in its ultra-large-scale consumer market remain unchanged, and the supporting conditions and basic trends for positive consumption remain unchanged.

The National Development and Reform Commission will implement a special action to boost consumption, combining consumption promotion with people's livelihood benefits. Initial considerations for increased efforts include the following aspects:

First, promote increased income and reduced burdens for residents.

• Conduct large-scale vocational skills training to support more workers in using skills improvement to drive job income improvement.

• Promote the integrated development of industry, county strengthening, and people's enrichment in a way that suits local conditions, and explore all means to expand channels for farmers' income increase.

• Appropriately increase the basic pensions for retirees and the basic pensions for urban and rural residents, and increase the financial subsidy standard for urban and rural resident medical insurance.

• Strengthen the protection of the rights and interests of flexible employment and new employment form workers.

Second, enrich the supply of consumer products and services.

• On the one hand, strengthen and expand the implementation of the "two new" policies, including consumer goods such as mobile phones, tablets, smart watches, and bracelets in the supported categories. Support online and offline channels equally, and allow enterprises of different ownerships and registration locations to participate in trade-ins.

• On the other hand, expand service consumption, cultivate leading enterprises and service brands, relax market access restrictions, and use high-quality supply to lead effective demand.

Third, cultivate new growth points for consumption.

• Continue to improve the number and public service level of ice and snow venues and facilities to improve consumption in this area. This winter, not only ice and snow consumption in northern regions such as Northeast China, Inner Mongolia, and Xinjiang is booming, but indoor ski resorts in Shanghai, Hubei, and Sichuan are also continuously "heating up."

• Focus on the diverse needs of the elderly, cultivate potential industries, and expand services such as elderly meals, home-based elderly care, community convenience, and institutional elderly care, allowing new things such as smart assistive devices, silver-haired trains, and elderly study tours to enter the lives of more elderly people.

Fourth, improve the consumption environment.

• Improve the commercial and logistics system and cold chain logistics system to effectively reduce the overall logistics costs.

• Implement the paid annual leave system well to release holiday consumption demand. Hold the China Brand Day event well and organize public welfare activities such as bringing national goods and trendy products to rural areas and communities.

• Continue to promote the construction of the credit system and strive to create a reassuring consumption environment.

Regarding Comprehensive Deepening of Reforms

Accelerate the construction of a national unified large market and expedite the release of the "Negative List for Market Access (2025 Version)"

Recently, the National Development and Reform Commission will promptly announce the "Guiding Opinions on the Construction of a National Unified Large Market" to the public, using comprehensive measures to promote the in-depth and solid development of the construction of a national unified large market.

• Expedite the release of the "Negative List for Market Access (2025 Version)" and formulate the implementation measures for the "Regulations on Fair Competition Review";

• Accelerate the launch and implementation of pilot programs for comprehensive reform of factor market-oriented allocation and accelerate the construction of a national unified electricity market system;

• Build a unified and open transportation market and accelerate efforts to open up roadblocks and major bottlenecks in inter-provincial waterways;

• Promote the realization of cross-regional access to provident funds, activation of social security cards, and mutual recognition of medical institution examination and testing results on a larger scale;

Promote the improvement of administrative discretionary power benchmarks in areas such as administrative penalties to enhance the standardization of administrative law enforcement.

Increase the intensity of verification, rectification, and reporting of clues related to issues hindering the construction of a nationwide unified large market, promoting rectification through investigation and governance through cases.

Accelerate the promotion of the development of the private economy and promote the introduction of a Private Economy Promotion Law.

First, in terms of legal system construction, promote the introduction of the Private Economy Promotion Law. At the same time, cooperate with relevant parties to carry out special operations to regulate law enforcement involving enterprises, effectively protecting the legitimate rights and interests of private enterprises and entrepreneurs.

Second, in terms of policy measures, conduct special assessments of policies involving the private economy in the assessment of the consistency of macroeconomic policy orientations. Promote the fair opening of infrastructure competitive fields to operating entities, especially to private enterprises. Further open up major national scientific research infrastructure to private enterprises, improve the policy and institutional system for supporting private enterprise financing, and promote the implementation of solutions to the problem of overdue payments.

Third, in terms of work mechanisms, improve the normalized communication and exchange mechanism between the national, provincial, municipal, and county levels and private enterprises, make good use of the comprehensive service platform for private economic development, widely solicit the opinions and suggestions of various enterprises, and promote the solution of urgent, difficult, and worrying problems of enterprises and major common problems.

Regarding opening up to the outside world

The 2024 version of the negative list for foreign investment access was released and implemented, with restrictive measures significantly reduced from 93 in 2015 to 29, and restrictive measures in the manufacturing sector completely eliminated.

In 2024, the scope of unilateral visa exemption was expanded to 38 countries, and the scope of transit visa exemption was expanded to 54 countries, with the stay extended to 10 days (240 hours).

Steady progress in opening up the service sector, promoting the expansion of pilot programs for opening up in areas such as telecommunications, medical care, and education

In 2025, the National Development and Reform Commission will adopt many new measures:

In terms of institutional mechanisms, it will steadily expand institutional opening up, further creating a first-class business environment that is market-oriented, rule-based, and international; deepen reforms to the foreign investment promotion system and mechanism, and adopt effective measures to encourage foreign-funded enterprises to reinvest domestically; steadily promote the opening up of the service sector, and promote the expansion of pilot programs for opening up in areas such as telecommunications, medical care, and education. At the same time, improve the planning and management mechanism for high-quality joint construction of the "Belt and Road" initiative, the coordination mechanism for promoting "hard connectivity," "soft connectivity," and "heart connectivity," and continuously improve the quality and effectiveness of pragmatic cooperation.

In terms of policy guidance, it will revise and expand the catalog of industries encouraging foreign investment, guiding more foreign investment to advanced manufacturing, modern services, high-tech, energy conservation and environmental protection, as well as the central and western regions and the northeast; at the same time, accelerate the preparation work for the closure of the Hainan Free Trade Port, further improve the hardware and software conditions for closure, and support Hainan in vigorously cultivating and developing an export-oriented economy.

In terms of service guarantee, it will launch a new batch of major foreign investment projects in a timely manner, coordinate and resolve issues related to land use, sea use, environmental impact assessment, energy consumption, etc., involved in project implementation; continue to build platforms for docking between multinational enterprises and local investment, promote multinational enterprises to increase investment and pragmatic cooperation between Chinese and foreign enterprises; at the same time, improve the management, service, supervision, and risk prevention system for overseas investment, strengthen the promotion and protection of overseas investment, and continuously improve the quality and level of overseas investment.

Regarding guaranteeing and improving people's livelihood

We will continue to increase efforts to guarantee and improve people's livelihood and adopt more measures to benefit people's livelihood.

In 2025, we will continue to increase efforts to guarantee and improve people's livelihood and adopt more measures to benefit people's livelihood, effectively enhancing the sense of gain among the people. This includes three aspects:

First, promote employment with greater force. Implement an employment support plan, and increase support for workers employed in key areas, key industries, urban and rural grassroots levels, and small and micro enterprises. Carry out large-scale vocational skills training, focusing on improving the vocational skills of college graduates, veterans, and rural workers. Increase the intensity of the implementation of the policy of using labor for relief and the scale of labor remuneration.

Second, provide greater support for the construction of public service shortfalls. Make comprehensive use of government investment funds, increase support for social livelihood projects, improve the layout of facilities for the elderly and young children, implement a basic medical and health strengthening project, allow more people to enjoy better quality medical services at their doorsteps, improve the basic conditions for running schools, and support the construction of social service facilities for children's welfare, the disabled, and other vulnerable groups.

Third, promote reform and innovation in the social field with greater force. Adapt to population changes and optimize the allocation of basic education resources. Improve support policies for the development of industries such as tourism, housekeeping, and outdoor sports. Improve the system of providing basic public services at the place of residence, focusing on promoting the equal enjoyment of social insurance, housing security, and compulsory education for children of agricultural transfer population who meet the conditions with those of registered permanent residents.