China’s top leadership has signalled its plans to double down on economic stability and quality development with tech advancements in 2025, at a meeting of the Communist Party’s 24-member Politburo on Friday.
“[We will] implement more proactive macro policies, expand domestic demand, and foster the integration of tech and industrial innovation,” according to a readout of the meeting reported by Xinhua.
The Politburo met before the “two sessions”, the annual meetings of the National People’s Congress (NPC), China’s legislature, and the Chinese People’s Political Consultative Conference (CPPCC), the country’s top advisory body, which will begin in Beijing next week.
The CPPCC meeting will begin on Tuesday, with the NPC meeting to begin on Wednesday.
The Politburo meeting primarily focused on reviewing the government work report that Premier Li Qiang will deliver at the NPC meeting. The report is expected to outline China’s economic growth target and key priorities for this year – the final year of the 14th Five-Year Plan.
China’s economy grew by 5 per cent last year, fuelled by a surge in exports and stimulus measures rolled out since late September. However, it faces challenges, including tepid consumer spending, a prolonged property slump, changing demographics and sluggish business confidence.
In a high-profile meeting with top entrepreneurs on February 17, President Xi Jinping reiterated his commitment to bolstering support for the private sector while urging businesses to play a bigger role in driving technological innovation amid growing rivalry with the United States.
