CCTV News: The Third Session of the 14th National People's Congress opened on the morning of March 5. The State Council Information Office held a briefing on March 5, inviting the heads of the drafting group of the "Government Work Report" and members to interpret the "Government Work Report". Chen Changsheng, member of the drafting group of the Government Work Report and deputy director of the State Council Research Office, said that the 2025 Government Work Report proposes "more proactive fiscal policies" and "moderately loose monetary policies", sending clear and powerful macro-policy signals.
Chen Changsheng introduced that from the perspective of the macro environment and conditions, the current external uncertainty is rising, and the domestic total demand is insufficient, especially the problem of sluggish consumption is more prominent, so macro policies need to increase countercyclical adjustment, which is a realistic need. From the perspective of policy space, we also meet the conditions. For example, my country's government debt ratio is around 70%, which is lower than that of major economies, especially the central government's debt ratio is relatively low, and there is relatively large room for debt borrowing. From a global perspective, many countries are now in a loose trend of monetary policies, and my country's price level is not high, so the space for monetary policy should be said to be open.
How can macroeconomic policies be "more active and proactive"? Chen Changsheng said that the 2025 "Government Work Report" proposed for the first time "more proactive fiscal policy", adjusting the "prudent monetary policy" that has been implemented for 14 consecutive years to "moderately loose monetary policy". Such a macro policy combination is to convey a clear and powerful macro policy signal to the whole society. From the perspective of policy strength, my country's deficit ratio increased by 1 percentage point in 2025, reaching about 4%, and the deficit scale reached 5.66 trillion yuan.
Chen Changsheng introduced that the ultra-long-term special treasury bonds reached 1.3 trillion yuan, and the local government special bonds also reached 4.4 trillion yuan, both of which set record highs. Total, the total scale of new government debt in 2025 will reach 11.86 trillion yuan, an increase of 2.9 trillion yuan from 2024, which is a large scale. Monetary policy will better play the dual functions of total volume and structure, reduce reserve requirement ratio and interest rates in a timely manner, increase support for the real economy, and reduce the cost of comprehensive social financing.
Chen Changsheng also said that the "more active and proactive" macroeconomic policies are also reflected in the policy rhythm. They must be implemented as early as possible, compete for time against various uncertainties, and give full play to the maximum effectiveness of the policy if they see it correctly. In addition, we must further strengthen the consistency of macro-policy orientation, strengthen consistency assessment, integrate policy resources and concentrate efforts, launch a combination of punches to give full play to the policy effect of "1+1>2". "New ideas" and "new ideas" in the "Government Work Report"
At the briefing of the State Council Information Office on March 5, Chen Changsheng, member of the drafting group of the "Government Work Report" and deputy director of the State Council Research Office, also specifically mentioned the "new ideas" and "new ideas" in the "Government Work Report".
Chen Changsheng introduced that if everyone continues to pay attention to the report or read the report carefully, it can be seen that this report fully reflects the innovation of the Party Central Committee's ideas on macro-control since the meeting of the Political Bureau of the Central Committee on September 26, 2024. For example, the report clearly proposes to strengthen the orientation of macroeconomic policies and people's livelihood. In addition, Chen Changsheng also mentioned some "new proposals", many of which appeared in the "Government Work Report" for the first time.
Chen Changsheng said that, for example, the routine of consumption being a slow variable was broken, and the boosting of consumption was placed in a very important position in macro policies, and it emphasized that the interaction between promoting consumption and expanding investment should be formed. For example, in macro-control, we attach importance to asset prices and write stabilization of the real estate market and stock market into the overall requirements. Journalists familiar with the macro economy may see that this is the first time. Also, it is emphasized that policy resources are invested more in people and serving people's livelihood, which are some of the innovations of macroeconomic policies. It aims to better promote high-quality development in the process of stabilizing growth and employment by forming a virtuous cycle of economic development and improving people's livelihood.
