Multiple ministries unveil work plans to boost economy for the new year

In the wake of the Spring Festival holidays, various Chinese ministries and commissions have rolled out well-defined work plans for the new year, with a slew of policy initiatives aimed at bolstering the economy across multiple fronts.

He Yongqian, the spokesperson for the Ministry of Commerce (MOFCOM), told the People's Daily that the ministry anticipates a continued steady growth trajectory for the consumer market in 2025.

To further stimulate consumption, it will launch special promotional campaigns and expand the scope of the consumer goods trade-in program. With 81 billion yuan ($11.08 billion) of initial funds already pre-allocated by the central government, the ministry will intensify support for trade-ins of automobiles, home appliances, home decoration items, and electric bicycles, He said.

The Ministry of Industry and Information Technology (MIIT) will support enterprises to further strengthen their position as the main body of scientific and technological innovation by encouraging increased research and development (R&D) investment, strengthening high-quality tech supply, constructing a systematic scientific and technological achievement transformation mechanism and vigorously cultivating innovative talent, Gan Xiaobin, an official from the MIIT, told the People's Daily.

The ministry will implement a policy of additional deductions for enterprise R&D expenses to encourage businesses to increase their investment in innovation. It will strengthen the leveraging role of national industry investment funds to attract social capital for investment in early-stage projects, small-scale enterprises, long-term initiatives, and hard technology fields.

The General Administration of Customs said in a meeting on Friday that this year it will introduce special measures to promote the stable growth of foreign trade, to help enterprises secure more export orders and maintain their market share, the China News Service reported.

According to the meeting, it aims to innovate the "single window" service model for international trade and enhance customs clearance at airports. Support will also be provided for logistics projects combining rail and road, to promote the high-quality development of the China-Europe Railway Express and the New International Land-Sea Trade Corridor, a key logistics network connecting China's western regions to global markets.

The National Financial Regulatory Administration (NFRA) will focus on the financing needs of small and micro-sized enterprises, an official with the NFRA told the People's Daily.

Yuan Da, deputy secretary-general of the National Development and Reform Commission, told the People's Daily that the cumulative effects of last year's policies will carry over, and China still has significant room to maneuver with macroeconomic policies. With a wealth of experience and tools at its disposal, the country is well-positioned to achieve its economic goals.

Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Monday that the work plans of various ministries and commissions send a strong policy signal, forming good expectations for the market.

"They provide clear policy guidance in production, consumption, investment, and import and export, which helps stabilize economic growth and plays a positive role in expectation management," Cong said.

"China possesses considerable macro policy space, with ample room for monetary policy and no immediate concerns regarding inflation. The domestic market, particularly the potential for developing domestic demand, offers a broad platform for the implementation of fiscal and industrial policies", Cong added.