Analysis: Nine Key Messages from Chinese Premier’s Work Report

Li Qiang outlines measures to stabilize growth and manage risks in 2025

The annual session of China's top legislature, the National People's Congress (NPC), will begin on March 5, 2025. Photo: Xinhua

As China’s top legislature convened for its annual session, Premier Li Qiang presented the Government Work Report, outlining economic goals and policy priorities for the year ahead.

The report noted that the external environment has grown more complex and challenging, while the domestic economic recovery remains fragile, creating a landscape of strategic opportunities coexisting alongside risks and uncertainties.

Against this backdrop, the government introduced several new measures in this year’s work agenda. It retained the GDP growth target at around 5% for the third year but raised the deficit-to-GDP ratio to a record 4%. It lowered the inflation target to around 2% for the first time, signaling a more proactive fiscal policy and a stronger focus on price stability.

The report highlights nine key messages, emphasizing efforts to stabilize growth, manage risks and drive long-term development.