CCTV News (News Network): General Secretary Xi Jinping emphasized that we must implement more active and proactive macro policies and focus on high-quality development. At present, a series of more active and proactive fiscal and monetary policy "combination punches" are accelerating their implementation, connecting existing policies, better playing the role of countercyclical regulation, and effectively promoting the economic improvement and improvement.
The Spring Festival has just passed. In Fujian, the rectification and restoration of the ecological barrier in the Luoyang River Basin is busy. The just-in-place financial funds help the mountains and rivers be greener and the waters are greener. In Xinjiang, the sixth phase of the "Three Norths" project is being implemented at a faster pace. In Sichuan, the construction of the Chengdu-Chongqing Central Line High-speed Railway is in full swing, and the ultra-long-term special treasury bonds press the fast forward button for a large number of "two-fold" projects. More active and proactive macroeconomic policies are accelerated, and together with existing policies, they provide strong support for the sustained recovery and improvement of the economy.
General Secretary Xi Jinping attaches great importance to the pertinence and timeliness of macro policies. When studying the economic situation and work, he repeatedly emphasized that it is necessary to increase the countercyclical adjustment of fiscal and monetary policies, especially for new situations and new problems that arise in the economic operation, and decisively deploy a package of incremental policies to effectively boost social confidence and significantly rebound in the economy. The Central Economic Work Conference held at the end of 2024 proposed that it is necessary to implement more proactive fiscal policies, implement moderately loose monetary policies, and launch a "combination punch" of policies.
A package of incremental policies will be introduced in a timely manner to benefit the current situation and the long-term. Super long-term special government bonds have stepped up efforts to support the "two-fold" and "two-new" work. Actively resolve local hidden debts and directly increase local debt resources by 10 trillion yuan. The deposit reserve ratio was lowered by 0.5 percentage points, releasing about 1 trillion yuan in long-term liquidity. A series of measures have been accurately and effectively promoted the economic recovery and improvement.
At present, more active and proactive macroeconomic policies continue to make efforts to expand domestic demand and increase momentum.
Land forward to support stable economic growth. The scope of capital used by local government special bonds for project has increased from the original 17 industries to 22, and five industries including emerging industry infrastructure and urban renewal have been added. At the same time, the 2 trillion yuan replacement bonds used to resolve the hidden debt risks of local governments in 2025 have been issued, which will further alleviate the pressure on local governments to repay debts.
Under the promotion of policies, local bond issuance has accelerated significantly. In January this year, 14 provinces and cities including Hubei and Hainan successively launched the issuance of local bonds in 2025, with the issuance scale increasing by about 45% year-on-year. In Hubei, funds for local government special bonds issued in mid-January have been allocated to cities and counties. In the past two days, in the Beidou Industrial Park of Yichang, Hubei, which just received funds, the main construction of the last building under construction is in full swing, and the progress is more than two months ahead of expectations.
Precise and powerful, pushing the economy toward "newness". The "Implementation Opinions on the Capital Market's "Five Major Articles" in Finance" was issued to further strengthen financial services for the entire chain and full life cycle of technology-based enterprises. The "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" was issued for the first time at the national level, and 25 measures were introduced from seven major aspects to develop long-term capital and strengthen patient capital. In Yunnan, the implementation plan for government investment funds to support high-quality development of the industry was recently issued, with the goal of driving the scale of social capital investment by no less than 100 billion yuan within five years. In Jiangsu, the second batch of special funds funded by the strategic emerging industry fund was launched, with a total scale of 40.8 billion yuan. In this science and technology innovation company in Nanjing, just after the Spring Festival holiday, a batch of industrial robots were taken offline. Although these products have not yet made profits, the algorithm model research of the new generation of humanoid robots in the laboratory has been launched, and this is inseparable from the 130 million yuan strategic fund that has just been in place.
This year, more active and proactive macroeconomic policies will continue to be put into effect. To expand the scale of fiscal expenditure, my country will increase the issuance of ultra-long-term special treasury bonds, continue to support the implementation of "two-fold" projects and "two-new" policies; it will further give full play to the dual functions of the total amount and structure of monetary policy tools, timely reduce the reserve requirement ratio and interest rate, reduce the cost of comprehensive social financing, and support the key areas and weak links of the national economy. With the front and precise efforts, the macro-policy "combination punch" is stimulating greater vitality and injecting lasting momentum into the continued recovery and improvement of China's economy.
