【明報專訊】PREMIER OF STATE COUNCIL LI QIANG has delivered the government work report, reaffirming China's commitment to a 5% economic growth target, broadly in line with last year's objectives. As the mainland undergoes structural transformation, achieving this growth target will not be without challenges. Enhanced fiscal policies are designed not only to stimulate economic activity but also to provide flexibility in navigating external headwinds, such as a tariff war, potentially reinforcing the recovery momentum of the past six months. This approach aims to lay a stronger foundation for high-quality development.
This year marks the conclusion of the 14th Five-Year Plan, with development targets set out in the work report, including approximately 5% GDP growth, the creation of over 12 million new urban jobs, an unemployment rate of around 5.5%, and consumer price inflation of about 2%. On the fiscal front, general public budget expenditure has been set at RMB 29.7 trillion, an increase of RMB 1.2 trillion from the previous year. The budget deficit ratio has been raised to around 4%, a notable one-percentage-point increase from last year.
The report also outlines plans to issue RMB 500 billion in special treasury bonds to support capital replenishment for major state-owned commercial banks. Meanwhile, ultra-long-term special treasury bonds will amount to RMB 1.3 trillion—RMB 300 billion more than last year—targeted at funding trade-in programmes for consumer goods and long-term strategic projects. Local government special-purpose bond issuance is planned at RMB 4.4 trillion, up RMB 500 billion from the previous year, with allocations prioritised for land reserves, the acquisition of unsold housing stock, and the settlement of local government arrears owed to businesses.
This marks the third consecutive year since 2023 that Mainland China targets its economic growth at around 5%. The country strives to basically achieve socialist modernisation by 2035, with per capita GDP surpassing the US$20,000 threshold, entering the medium-level developed countries' ranks. This implies an average annual GDP growth rate of about 4.7% over the next decade. The work report signals Beijing's determination to sustain 5% growth, not only to stabilise external expectations and boost confidence, but also as part of a longer-term vision.
The report reaffirmed the government's commitment to fostering the private sector, completing the deepening of state-owned enterprise reform with high quality, and generating new employment opportunities. In driving "new quality productive forces", it highlighted the development of emerging industries such as biomanufacturing, quantum technology, embodied intelligence, and 6G, alongside advancements in commercial aerospace and the low-altitude economy. Efforts will also focus on stimulating digital economy innovation, accelerating the digital transformation of the manufacturing industry, promoting "AI+" applications and supporting the widespread application of large models, as well as promoting the transformation and upgrading of traditional industries. As Hong Kong seeks deeper integration into the national development strategy, it requires more consideration on how to adopt a more tailored approach to align with the development of China's new quality productive forces.
Regarding Hong Kong and Macao, the report pledged support for deepening international exchanges and cooperation while enhancing the Greater Bay Area's capacity for innovation and regional influence. For Hong Kong to fully leverage its strengths, it must maintain its uniqueness of openness and diversity while reinforcing its role as a key gateway to global markets. The report also underscored the importance of swift policy implementation—an approach of which the Hong Kong government would do well to take heed.
明報社評 2025.03.06：內地加大財政力度「保五」 預留空間應對外圍挑戰
國務院總理李強發表政府工作報告，全年經濟增長5%的目標與去年相若。內地經濟正處於轉型時期，要實現增長目標並不輕鬆。加大財政政策力度，除了配合刺激經濟措施，也為應付關稅戰等外部挑戰，預留了迴旋空間，可望鞏固近半年經濟回升勢頭，並為推進高質量發展，創造更有利條件。
今年是「十四五」規劃收官之年，工作報告定下發展目標，包括GDP增長5%左右、城鎮新增就業1200萬人以上、失業率5.5%左右、消費價格漲幅2%左右等。公共財政方面，一般公共預算支出規模29.7萬億元（人民幣，下同），比上年增加1.2萬億元；赤字率4%左右，比上年顯著提高1個百分點。
報告提到，今年擬發行5000億元特別國債，支持國有大型商業銀行補充資本；超長期特別國債1.3萬億元（比去年增加3000億元），支持消費品以舊換新及長期戰略項目；地方政府專項債券4.4萬億元（比上年增加5000億元），重點用於土地收儲和收購存量商品房、消化地方政府拖欠企業帳款等。
今次是2023年以來，連續第三年經濟增長目標定在5%左右。國家力爭2035年基本實現社會主義現代化，即人均GDP邁過2萬美元門檻，躋身中等發達國家行列。這要求未來10年GDP年均增長要達到4.7%左右。工作報告反映了中央「保五」決心，除了穩定外界預期和提振信心，亦放眼長遠。
工作報告重申促進民營經濟發展、高質量完成國有企業改革深化，並創造新的就業機會。發展新質生產力方面，工作報告點名提及培育生物製造、量子科技、具身智能、6G等未來產業，推動商業航天、低空經濟等新興產業安全健康發展，激發數字經濟創新活動，加快製造業數字化轉型，推進「人工智能+」並支持大模型廣泛應用，以及促進傳統產業改造提升。香港更好融入國家發展大局，需要多去思考如何因地制宜，配合國家新質生產力發展。
有關港澳的部分，報告亦提到支持港澳「深化國際交往合作」，提升粵港澳大灣區的創新能力和輻射作用。香港要發揮自身所長，須維護多元開放的獨特性，彰顯對外重要門戶的作用。工作報告強調出台實施政策「能早則早」，特區政府亦應引以為鑑。
/ Glossary生字 /
replenishment：the act of making sth full again by replacing what has been used
arrears：money that sb owes that they have not paid at the right time
take heed (of sb/sth)：to pay careful attention to sb/sth