The Political Bureau of the Communist Party of China Central Committee convened a meeting on April 25 to analyze and study the current economic situation and economic work. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting. The meeting stated that since the beginning of this year, the CPC Central Committee, with Comrade Xi Jinping at its core, has strengthened its overall leadership over economic work. All regions and departments have focused on tackling key issues, and various macro policies have worked in synergy. The economy has shown a positive trend, social confidence has continued to boost, high-quality development has made solid progress, and overall social stability has been maintained. At the same time, the foundation for the sustained recovery and improvement of China's economy needs to be further consolidated, and the impact of external shocks has increased. It is necessary to strengthen bottom-line thinking, make full preparations, and conscientiously do a good job in economic work. The meeting pointed out that it is necessary to adhere to the general principle of seeking progress while maintaining stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the construction of a new development pattern, coordinate domestic economic work and international economic and trade struggles, unswervingly manage our own affairs well, unswervingly expand high-level opening up, focus on stabilizing employment, enterprises, markets, and expectations, and respond to the uncertainty of rapid changes in the external environment with the certainty of high-quality development. The meeting emphasized the need to accelerate the implementation of more proactive macro policies and make full and good use of more proactive fiscal policies and moderately loose monetary policies. Accelerate the issuance and use of local government special bonds, ultra-long-term special national bonds, and other instruments. Ensure the bottom line of "three guarantees" at the grassroots level. Timely reduce the reserve requirement ratio and interest rates, maintain ample liquidity, and strengthen support for the real economy. Create new structural monetary policy tools and establish new policy-based financial instruments to support technological innovation, expand consumption, and stabilize foreign trade. Strengthen policy consistency. The meeting pointed out the need to increase the income of low and middle-income groups, vigorously develop service consumption, and enhance the role of consumption in driving economic growth. Promptly clear restrictive measures in the consumption sector and establish re-lending for service consumption and elder care. Increase financial support, expand and improve the implementation of "two new" policies, and intensify the implementation of "two major" constructions. The meeting emphasized taking multiple measures to help struggling enterprises. Strengthen financing support. Accelerate the integration of domestic and foreign trade. Cultivate and strengthen new quality productive forces, and build a number of emerging pillar industries. Continuously promote breakthroughs in key core technologies, innovatively launch a "tech board" in the bond market, and accelerate the implementation of the "AI+" action. Vigorously promote the upgrading of key industries, adhere to standard leadership, and regulate market competition. The meeting emphasized resolving problems in development through deepening reform and opening up. Accelerate the construction of a unified national market and solidly carry out special actions to regulate law enforcement involving enterprises. Intensify opening-up pilot policies in the service industry and strengthen services for enterprises "going global." Work with the international community to actively uphold multilateralism and oppose unilateral bullying. The meeting pointed out the need for continuous efforts to prevent and resolve risks in key areas. Continue to implement a package of policies to resolve local government debt, and accelerate the resolution of local government arrears to enterprises. Intensify the implementation of urban renewal actions, and promote the renovation of urban villages and dilapidated houses in a strong and orderly manner. Accelerate the construction of a new model for real estate development, increase the supply of high-quality housing, optimize existing commercial housing acquisition policies, and continuously consolidate the stable trend of the real estate market. Continuously stabilize and activate the capital market. The meeting emphasized focusing on ensuring people's livelihoods. For enterprises significantly affected by tariffs, increase the proportion of unemployment insurance fund steady employment return. Improve the multi-tiered and categorized social assistance system. Strengthen agricultural production and stabilize prices of grain and other important agricultural products. Consolidate and expand the achievements of poverty alleviation and effectively link them with rural revitalization. Continuously do a good job in production safety and disaster prevention and reduction. The meeting pointed out the need to continuously improve the policy toolbox for stabilizing employment and the economy, ensure that existing policies are introduced and take effect early, timely introduce incremental reserve policies based on changes in the situation, strengthen extraordinary counter-cyclical adjustments, and fully consolidate the fundamentals of economic development and social stability. The meeting emphasized strengthening the Party's overall leadership over economic work, encouraging Party members and cadres to face difficulties and act proactively, and establish and practice a correct view of performance. Conscientiously carry out study and education on thoroughly implementing the spirit of the central eight-point regulations, and create a new situation of high-quality development with new achievements in work style construction. The meeting also discussed other matters.
General Secretary Xi Jinping pointed out that logistics is the "artery" of the real economy, connecting production and consumption, domestic trade and foreign trade. It is essential to effectively reduce overall social logistics costs, enhance the core competitiveness of industries, and improve the efficiency of economic operations. Since the beginning of this year, China has introduced a series of effective measures to strengthen networks, adjust structures, and promote integration, aiming to remove bottlenecks and obstacles in the transportation and logistics sector, advance the construction of a unified national market, and provide strong support for high-quality economic development. This is the world's largest comprehensive three-dimensional transportation network, with approximately 90,000 ship entries and exits daily, 15,000 civil aviation flights soaring in the sky, 35 million vehicles traversing expressways, and 500 million express parcels circulating across the country. Since the beginning of this year, China's freight data has repeatedly hit new highs, and logistics costs have continued to decline, injecting strong impetus into China's high-quality economic development. General Secretary Xi Jinping attaches great importance to reducing logistics costs and building a unified national market. From coastal ports to inland logistics parks, and from China-Europe freight trains to the New International Land-Sea Trade Corridor, the General Secretary has repeatedly emphasized the need to promote the healthy development of the logistics industry. In 2023, General Secretary Xi Jinping stressed at the Central Economic Work Conference that it is necessary to accelerate the construction of a unified national market, focus on breaking down various forms of local protection and market segmentation, and effectively reduce overall social logistics costs. The Third Plenary Session of the 20th CPC Central Committee further put forward clear requirements for advancing the unified national market, emphasizing the need to improve the circulation system, accelerate the development of the Internet of Things, establish integrated and coordinated circulation rules and standards, and reduce overall social logistics costs. Last November, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Action Plan for Effectively Reducing Overall Social Logistics Costs," promoting the accelerated implementation of a series of reform measures. Improving the transportation network is the foundation for clearing logistics bottlenecks. Latest data shows that in the first quarter, China completed 675.2 billion yuan in fixed asset investment in transportation, continuing to maintain a high level. As of now, the total mileage of China's comprehensive transportation network exceeds 6 million kilometers. The "Eight Verticals and Eight Horizontals" high-speed railway main corridors continue to extend, with 96% of cities with a population of over 500,000 now connected to high-speed rail. The total mileage of rural roads is 4.6 million kilometers, solving the problem of hardened roads for approximately 1,100 townships and over 100,000 administrative villages. The continuous improvement of the comprehensive three-dimensional transportation network has shortened the spatiotemporal distance across China, and also made logistics more efficient and convenient. Improving traffic efficiency is an important means of reducing logistics costs. Currently, China's expressway mileage has reached 190,000 kilometers, ranking first in the world. The national expressway non-stop toll collection system has been networked, and it is estimated that the average time for logistics vehicles equipped with ETC to pass through toll stations has been reduced from about 15 seconds to about 3 seconds, greatly improving traffic efficiency. Digital technology is the link for deep integration of transportation and logistics. Currently, over 3,000 online freight companies nationwide use big data computing power for intelligent scheduling, increasing vehicle utilization efficiency by approximately 50%. At present, the country is deeply implementing 50 intelligent transportation pilot applications, and 8 provinces and cities including Beijing, Jiangsu, and Zhejiang are undergoing digital transformation and upgrading of highway and waterway transportation infrastructure. This year, the state proposed accelerating the construction of a unified and open transportation market and implementing a special action to reduce overall social logistics costs. Next, the Ministry of Transport will accelerate the improvement of transportation and logistics infrastructure, promote the implementation of railway freight network projects and inland waterway system connection projects, promote the deep integration of transportation and logistics with the modern industrial system, and strive to reduce the ratio of total social logistics costs to GDP from the current 14.1% to 13.5% by 2027. A unified and open transportation market is strongly supporting the deep advancement of the construction of a unified national market.
Beijing, Guangdong, Sichuan, Qinghai, and other regions are thoroughly carrying out study and education on deeply implementing the spirit of the central eight-point regulations, integrating learning into daily routines and regular practices, and promoting the deep, solid, effective, and impactful implementation of the study and education. The Beijing Municipal Party Committee has diligently formulated an implementation plan for study and education, leading Party organizations at all levels and Party members and cadres throughout the city to carry out study and discussions, promote learning, investigation, and rectification in an integrated manner, comprehensively and deeply identify problems, and resolutely and forcefully rectify and address them, ensuring quality in learning, strength in investigation, and effectiveness in rectification, and striving to make the public feel the new atmosphere and changes brought by the transformation of work styles and the establishment of new customs. Guangdong regards carrying out study and education on deeply implementing the spirit of the central eight-point regulations as a major political task. The provincial Party committee leadership team has conducted study and discussions through reading classes, theoretical study center group learning, and other methods, deepening understanding, improving awareness, tempering Party spirit, and improving work styles through dedicated study. It promotes Party members and cadres throughout the province to use learning to facilitate investigation and rectification, and to promote high-quality development in Guangdong with excellent work styles. Sichuan has organized Party members and cadres throughout the province to deeply study and understand General Secretary Xi Jinping's important expositions on strengthening the Party's work style construction and the spirit of the central eight-point regulations and their implementation details, through methods such as organizing reading classes and special辅导 sessions. It promotes various regions and departments to strictly conduct self-inspection and self-correction against the central eight-point regulations, establish problem ledgers, formulate rectification measures, and promote effective rectification and resolution. The Qinghai Provincial Party Committee has organized Party members and cadres throughout the province to earnestly study and understand General Secretary Xi Jinping's important expositions on strengthening the Party's work style construction and the spirit of the central eight-point regulations and their implementation details. It requires Party organizations at all levels to list problem lists, responsibility lists, and rectification lists for each item, in conjunction with the seven key areas for addressing formalism and reducing burdens at the grassroots level, and the ten special rectification efforts for misconduct and corruption around the masses, and to promote integrated and concentrated rectification.
According to the China Manned Space Agency, the Shenzhou-20 manned spacecraft successfully docked with the radial port of the Tianhe core module of the space station at 11:49 PM on the 24th. Early this morning (April 25), the two astronaut crews of Shenzhou-19 and Shenzhou-20 met in the Chinese space station, marking China's 6th "space rendezvous." After entering orbit, the Shenzhou-20 manned spacecraft established relative navigation with the Chinese space station after six long-range guidance autonomous orbital controls. The spacecraft completed attitude adjustments at hold points such as 200 meters and 19 meters, and after confirmation by all ground systems, slowly approached the radial docking port of the Tianhe core module. At 11:49 PM yesterday, the Shenzhou-20 manned spacecraft smoothly completed docking with the space station complex. This docking adopted an autonomous rapid rendezvous and docking mode, lasting approximately 6.5 hours. At 1:17 AM on the 25th, the Shenzhou-19 astronauts Cai Xuzhe, Song Lingdong, and Wang Haoze, who were on orbit, opened their "home" to welcome the arriving Shenzhou-20 astronauts Chen Dong, Chen Zhongrui, and Wang Jie to the Chinese space station. This is the 6th "space rendezvous" in China's space history. Subsequently, the two astronaut crews will conduct an on-orbit rotation in the space station. During this period, the six astronauts will work and live together in the space station for approximately five days. After completing their scheduled tasks, the Shenzhou-19 crew is planned to return to the Dongfeng landing site on the 29th of this month.
Today (April 25), the Dongfeng landing site conducted its final full-system comprehensive drill, making preparations to welcome the astronauts home. At around 10:00 AM on April 25, nearly 100 vehicles and equipment, including ground search and rescue command vehicles, search vehicles, disposal vehicles, and medical supervision and rescue vehicles, gathered at their respective waiting points. At 2:30 PM, after receiving coordinates of the re-entry capsule's landing point from the Beijing Control Center, five helicopters from the aerial contingent accurately landed around the re-entry capsule and carried out relevant procedures. At 2:45 PM, after the ground contingent arrived at the scene, they simulated opening the capsule door and carrying the astronauts out... The search and rescue personnel responded quickly and operated meticulously, ensuring that the timing of exiting the capsule, adapting outside the capsule, and transportation escort were rigorous, scientific, and foolproof. As planned, the Shenzhou-19 manned spacecraft will adopt a five-orbit rapid return scheme, undergoing several stages including separation and withdrawal, de-orbit burn, free gliding, re-entry into the atmosphere, parachute deployment, and landing. The entire return and landing process will take approximately 50 minutes. Currently, all work at the Dongfeng landing site is ready, and it is capable of performing search and rescue missions.
With the "Two New" policies being strengthened and expanded, various regions are taking multiple measures to fully boost and expand consumption and stimulate market vitality. Recently, Shanghai expanded the scope of car replacement subsidies to include old vehicles with out-of-town licenses, supporting more consumers in participating in replacement and upgrade programs. The city continues to expand the scope of support for vehicle trade-in policies. Jilin Province has not only removed restrictions on the old car's registration location and transaction location, but also has no restrictions on the new car's registration location. Since the beginning of this year, Jilin Province has seen over 50,000 vehicle trade-ins. Hubei Province, through cooperation with financial institutions and enterprises, continues to increase vehicle replacement discounts, further reducing loan interest rates, offering insurance giveaways, and stacking manufacturer discounts. In the first quarter, the province saw approximately 65,000 vehicle trade-ins, with new energy vehicle sales growing by over 40% year-on-year. As the "Two New" policies are strengthened and expanded, various regions have also introduced targeted policies and measures to continuously optimize the consumer experience. Zhuhai, Guangdong, expanded the policy coverage to include Hong Kong and Macao residents and foreigners, allowing them to conveniently receive trade-in subsidies using their "Home Return Permit" or passport. As of April 20 this year, Hong Kong and Macao residents and foreigners have jointly benefited from subsidies for over 8,400 home appliances and 3C digital products, driving consumption of over 33 million yuan. This year, Chongqing has set up sales tents at township markets and collaborated with enterprises to build a "town and village two-level service point + mobile service team" model to provide one-stop trade-in services, making it more convenient for rural residents to participate in home appliance replacement activities. During the spring plowing season, Gansu this year expanded the scope of agricultural machinery replacement and upgrade from 15 to 27 types, and provided dedicated on-site recycling services for old agricultural machinery. Farmers can quickly apply for subsidies through the provincial unified APP.
According to information from the National Forestry and Grassland Administration, China has achieved historic progress and landmark results in grassland ecological protection. Statistics show that since the "14th Five-Year Plan" period, central government finance has invested a total of 110 billion yuan in grassland protection and restoration, with an average of over 46 million mu of grassland restored annually, an average of over 100 million mu of grassland rodent and insect pests controlled annually, and a total annual fresh grass yield exceeding 550 million tons. Particularly in the Three-North Region, which has 2.2 billion mu of grasslands, the quality of grassland ecosystems has continuously improved and the national ecological security barrier has become more robust through solid efforts in the integrated protection and systematic governance of mountains, rivers, forests, fields, lakes, grasslands, and sands, and by adhering to the organic combination of trees, shrubs, and grasses. China's grassland area is nearly 4 billion mu, ranking first in the world.
In the first quarter, China's outbound direct investment across all sectors reached $40.9 billion, a year-on-year increase of 6.2%. Among this, non-financial outbound direct investment was $35.68 billion, up 4.4%. China's newly signed contracts for overseas contracted projects totaled $58.67 billion, an increase of 26%. China's installed wind and solar power capacity historically surpassed thermal power. The reporter learned from the National Energy Administration today (April 25) that in the first quarter, the combined newly installed capacity of wind and solar power reached 74.33 million kilowatts, accounting for 86.7% of the total new power generation capacity. As of the end of March, China's total installed wind and solar power capacity reached 1.48 billion kilowatts, historically exceeding that of thermal power. Ministry of Finance allocates 47.1 billion yuan for water conservancy development. The Ministry of Finance recently allocated 47.1 billion yuan in water conservancy development funds for 2025, supporting local areas in implementing water conservancy projects such as flood control and drought relief water conservancy improvement projects. The funds will primarily support the management of small and medium-sized rivers, mountain torrent gullies, maintenance of water conservancy projects, rural water supply and agricultural water conservation, and the construction of "Happy Rivers and Lakes." "China's Annual Report on Combating Intellectual Property Infringement and Counterfeiting (2024)" released. The State Council Information Office held a press conference today (April 25) to release "China's Annual Report on Combating Intellectual Property Infringement and Counterfeiting (2024)." In 2024, China continued to strengthen administrative law enforcement in combating infringement and counterfeiting, focusing on key areas such as the internet, people's livelihoods, and copyrights, key products like agricultural materials, food, and pharmaceuticals, and key links such as trademark and patent application agencies. Rectification actions were continuously carried out to better protect the rights and interests of businesses and consumers. Small passenger cars to enjoy free passage on national toll roads during May Day holiday. The reporter learned from the Ministry of Transport that during this year's May Day holiday, small passenger cars with seven seats or less will enjoy free passage on national toll roads from 0:00 on May 1 to 24:00 on May 5. It is estimated that the average daily traffic flow on national expressways during the May Day holiday will be about 62 million vehicles, with both inter-provincial vehicle traffic and new energy vehicle traffic increasing. The 137th Canton Fair has held nearly a thousand trade promotion activities. As of now, the 137th Canton Fair has held 996 various forms of trade promotion activities, including "Trade Bridge" and new product launches, nearly 100 more than the previous session, building an efficient trading platform for global buyers. Among them, 638 supply-demand matching activities attracted over 690 buyers and over 1,670 suppliers for one-on-one negotiations. Promoting "Youth Stations" to provide discounted accommodation and convenient services for job-seeking graduates. The Ministry of Education and the Central Committee of the Communist Youth League recently jointly issued a notice to further leverage the role of "Youth Stations" to better provide discounted accommodation and convenient services for university graduates seeking jobs across regions. A special column will be set up on the National University Student Employment Service Platform and the Youth League's new media platforms to integrate and share "Youth Station" information, providing job recommendations, supply-demand matching, and other employment services for graduates staying at the stations. Hubei launches action to build world-renowned cultural tourism destination. The 2025 Hubei Cultural Tourism Development Conference was held today (April 25) in Wuhan. An action to build Hubei into a world-renowned cultural tourism destination was launched at the event, and 26 major cultural tourism projects totaling 64.431 billion yuan were signed, covering various categories such as cultural and tourism integration, sports and tourism integration, and tourism complexes. China and Vietnam Coast Guards successfully conclude first joint patrol of Beibu Gulf in 2025. Today (April 25), the Chinese Coast Guard fleet successfully completed its first joint patrol with the Vietnam Coast Guard in the Beibu Gulf for 2025 and smoothly returned to its pier. During this patrol, both sides patrolled and supervised vessels of both countries, with a cumulative patrol distance of 255.5 nautical miles. During this period, the two sides also organized a joint maritime search and rescue exercise, improving the joint emergency response capabilities of the two coast guards. China Media Group signs cooperation agreement with Shandong University. China Media Group (CMG) and Shandong University signed a cooperation framework agreement today (April 25). Both sides will fully leverage CMG's integrated communication and Shandong University's disciplinary advantages to cooperate in areas such as artificial intelligence, computer graphics and image processing, metadata management, high-level think tanks, and talent training, promoting the construction of a collaborative innovation system integrating industry, academia, research, and application. "High-level Interview" to broadcast exclusive interview with Azerbaijani President Aliyev tonight. Tonight (April 25), CMG's CCTV News Channel's "High-level Interview" program will broadcast an exclusive interview with Azerbaijani President Ilham Aliyev. Aliyev stated that Azerbaijan will actively learn from China's development experience and deepen cooperation with China in areas such as green energy. This program will also be simultaneously available on new media platforms such as CCTV News, CCTV Video, and CCTV.com.
Due to various uncertainties brought about by the US government's tariff policies, several large US companies have lowered their revenue forecasts. Procter & Gamble, a US consumer goods company, decided on the 24th to lower its fiscal year sales growth forecast from the previous 2% to 4% to approximately zero growth. Hasbro, a US toy company, stated on the 24th that if the US government maintains its current tariff policies, it could incur losses of up to $300 million for the company in 2025. In addition, PepsiCo, American Airlines, and other companies also lowered their annual financial outlook on the same day. The latest poll results released recently by the US Center for Public Affairs Research show that about 80% of US respondents believe that the US government's tariff policies will lead to price increases, and 80% of respondents are concerned about an economic recession in the US. German government states expected zero economic growth in Germany in 2025 due to US tariff policies. The German federal government released its spring economic forecast report on the 24th, predicting zero economic growth for Germany in 2025, lower than the 0.3% growth predicted in January. German Economic Minister Robert Habeck stated that US trade policy is one of the main factors contributing to the downward revision of Germany's economic outlook. The US's use of tariffs as a threat has significantly increased global economic uncertainty and worsened growth prospects. Canadian Finance Minister Chrystia Freeland stated on the 24th that tensions caused by US tariff policies continue, affecting Canadian goods exports and the global economy, and Canada needs to retaliate. International observers point out that US protectionist policies pose challenges to the global economy.
Russia claims control of a settlement, Ukraine claims to repel Russian attacks. Russia's Ministry of Defense stated on the 24th that over the past day, Russian forces launched large-scale strikes against Ukrainian aerospace industry, machine building, rocket fuel, and gunpowder production enterprises. Russia also claimed to have taken control of another settlement in the Donetsk region. Ukraine, on the same day, claimed that Ukrainian forces repelled multiple Russian attacks in the Kharkiv, Pokrovsk, and other directions. Ukraine also claimed to have destroyed a Russian Su-30SM fighter jet. Russian Foreign Minister Sergey Lavrov said in an interview with US media on the 24th that Russia is ready to reach an agreement with the United States on the Ukrainian issue, but there are specific matters that need to be adjusted. Representatives from China, Russia, and Iran meet with IAEA Director General. Representatives from China, Russia, and Iran jointly met with International Atomic Energy Agency Director General Rafael Grossi in Vienna on the 24th. The representatives of the three countries emphasized that political and diplomatic engagement and dialogue based on mutual respect are the only effective and feasible options to resolve the Iranian nuclear issue, and supported the IAEA in fully leveraging its professionalism and unique role to promote political and diplomatic efforts regarding the Iranian nuclear issue in a positive and constructive manner. New Jersey wildfire continues, arson suspect arrested. According to an announcement by the New Jersey Forest Fire Service on the 24th, the wildfire in Ocean County, New Jersey, has burned an area of over 61 square kilometers. The wildfire has destroyed some vehicles and buildings. According to US media reports, smoke from the wildfire has affected nearby areas such as New York City. The reports also stated that the wildfire was human-caused, and an arson suspect has been arrested.
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