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Home » TRANSCRIPT: China’s Premier Li Qiang Delivers Government Work Report (March 5, 2025)

TRANSCRIPT: China’s Premier Li Qiang Delivers Government Work Report (March 5, 2025)

Read the full transcript of China’s Premier Li Qiang Delivering Government Work Report at the Third Session of the 14th National People’s Congress in Beijing on Wednesday, March 5, 2025.

Listen to the audio version here:

TRANSCRIPT:

[LI QIANG:] Fellow deputies, on behalf of the State Council, I will now report to you on the work of the government for your deliberation and also for comments from members of the National Committee of the Chinese People’s Political Consultative Conference.

Review of Our Work in 2024

The year 2024 was a truly remarkable year in China’s development journey. At its third plenary session, the twentieth Central Committee of the CPC set forth plans for future deepening reform comprehensively to advance Chinese modernization. We celebrated the seventy-fifth anniversary of the founding of the PRC, greatly inspiring patriotism and dedication in the Chinese people of all ethnic groups.

Over the past year, in the face of complex and challenging developments marked by mounting external pressures and growing domestic difficulties, we, the Chinese people of all ethnic groups, have overcome difficulties and continued to forge ahead under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core.

We ensured overall stable performance and steady growth of economy and accomplished the main goals and tasks in 2024 in terms of economic and social development. Solid headway was made in pursuing high-quality growth and fostering new quality productive forces. China’s economic strength, scientific and technological capabilities, and composite national strength continued to rise, and solid new strides were made in advancing Chinese modernization.

# Stable Performance Was Consolidated and Sustained

## Steady Expansion of the Economy

China’s GDP rose to 134.9 trillion, a year-on-year increase of 5 percent.

## Job Opportunities and CPI Remained Overall Steady

12.56 million new jobs were added in urban areas, and the surveyed unemployment rate in urban areas averaged 5.1 percent. CPI rose by 0.2 percent.

## A Basic Equilibrium in the Balance of Payment

Foreign trade reached a record high, and global market share of China’s exports increased steadily. Foreign exchange reserves surpassed USD 3.2 trillion.

## Steady Progress in Ensuring the People’s Well-being

Per capita disposable income grew by 5.1 percent in real terms. Achievements were made in poverty alleviation. Greater support was provided to ensure social stability.

# New Advancements Were Made in a Solid Way

## New Advancements in Industrial Upgrading

Grain output hit a new high of 700 million metric tons. The new energy vehicles have passed the 13 million mark.

## Innovative Capacity Was Further Enhanced

Chang’e No. 6 mission completed humanity’s first-ever sample collection from the far side of the moon, and Mengxiang Ocean Drilling Vessel was delivered on commission.

## New Improvements Were Made in the Ecological Environment

In cities at and above prefectural level, the average concentration of PM2.5 fell by 2.7 percent. Energy consumption per unit of GDP dropped by more than 3 percent.

## New Breakthroughs in Reform and Opening Up

We implemented the reform plans of institutional reform by developing the national markets and postponing the retirement age and other major reform measures. In manufacturing sector, foreign investment access restrictions were canceled and lifted. Trade and investment cooperation under the Belt and Road Initiative was steadily expanded and upgraded.

Our achievement in 2024 did not come easily. The adverse impact of changes in the international environment increased, and some deep-seated structural problems that had been building up in the country for years came to a head. Sluggish domestic demand was compounded by weak public expectations along with other challenges, and the difficulty in sustaining stable economic growth has increased.

However, we responded to this array of difficulties with both active and effective steps. We redoubled the policies to improve macro regulations in a timely manner. In particular, we took actions that were decided by the Political Bureau of the Central Committee at the meeting on September 26.

During this process, we deepened our understanding of the laws governing economic work and became more keenly aware that the centralized unified leadership of the Party Central Committee is essential to doing our economic work well. It is also clear that we must properly handle the relationship between an efficient market and a well-functioning government, between aggregate supply and demand, between fostering new growth drivers and upgrading old ones, between optimizing allocation of new resources and making the best use of existing ones, and between enhancing quality and expanding total output.

What we have achieved once again proves that under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core and with the dedicated efforts of our people across the country, we can prevail over any difficulty in pursuing development.

Key Work Accomplished in the Past Year

Over the past year, we continued to deepen our understanding of and apply Xi Jinping’s thoughts on socialism with Chinese characteristics for a new era, primarily held the authority of the CPC Central Committee with Comrade Xi Jinping at its core and its centralized unified leadership, followed party leadership in every aspect and throughout the process of government work, and we have mainly engaged in the following work:

# First, We Took More Robust and Innovative Measures in Conducting Macro Regulations

In light of evolving conditions and promoting economic recovery, we have strengthened countercyclical macro controls and introduced targeted measures. China’s economy saw a trend of V-shape throughout the year. We have made strong push to implement fiscal and monetary policies, and we have lowered the required reserve ratio and policy interest rate twice. We also expanded the two new projects, and we increased the support for stabilization of the housing market, and we also lowered the down payment for homebuyers. Efforts were made to repurchase loans and projects, and we have also expanded the swap of 6 trillion yuan worth of local government debt quota.

# Second, We Deepened Reform and Opening Up Comprehensively

With unwavering commitment and boosted international and internal momentum of developments, we overhauled regulations impeding the development of a unified national market.