What Private Entrepreneurs Told Xi During Monday's Meeting - State Council Studies Consumption Policies - Lan Fo’an on Fiscal Policy Priorities for 2025 - What Indonesia Desires from BRICS
Here are the reports on articles that I found worth reading in the People’s Daily on Friday, February 21, 2025.
Page 1: There’s a report on the funeral of Zou Jiahua, a former Chinese vice premier and Politburo member. Xi Jinping and the entire PBSC were present at the funeral. Hu Jintao attended too. Zou was 99 years old. The entire fourth page is dedicated to Zou. The official obituary describes him as an “excellent CPC member, a time-tested and loyal communist soldier, a proletarian revolutionist, and an outstanding leader in boosting China’s economic development and national defense industry and advancing the socialist legal system.”
Next, there’s another commentary drawing from the symposium with private entrepreneurs. I’ve gone through all of the commentaries published in the paper since the meeting on Monday. None of the rhetoric that’s coming out of Beijing seems to suggest any fundamental re-thinking in the approach to the private sector. Yes, there is some tinkering around the margins and there are statements about Xi’s personal commitment to the sector. But substantively, there’s nothing new that seems to be on the table.
Anyway, this commentary says that:
“Market access is the prerequisite for business entities to participate in economic activities, and fair competition is the basic principle of the market economy. General Secretary Xi Jinping emphasized that “resolutely breaking down various obstacles to the equal use of factors of production and fair participation in market competition in accordance with the law’ is to create more fair development opportunities for private enterprises. The ‘Opinions of the CPC Central Committee and the State Council on Promoting the Development and Growth of the Private Economy’ issued in 2023 clearly proposed policy measures, such as continuing to break down market access barriers and fully implementing fair competition policies and systems, with the aim of continuously optimizing a stable, fair, transparent and predictable development environment. The 2024 Central Economic Work Conference listed ‘enacting the Private Economy Promotion Law’, ‘carrying out special actions to regulate enterprise-related law enforcement’, and ‘formulating guidelines for the construction of a unified national market’ as key tasks this year. The Party and the state’s policies and guidelines on the private economy are consistent and very clear.” 市场准入是经营主体参与经济活动的前提，公平竞争是市场经济的基本原则。习近平总书记强调“坚决破除依法平等使用生产要素、公平参与市场竞争的各种障碍”，就是要给民营企业创造更加公平的发展机会。2023年出台的《中共中央国务院关于促进民营经济发展壮大的意见》，明确提出持续破除市场准入壁垒、全面落实公平竞争政策制度等政策举措，目的就是持续优化稳定公平透明可预期的发展环境。2024年中央经济工作会议把“出台民营经济促进法”“开展规范涉企执法专项行动”“制定全国统一大市场建设指引”等列为今年重点任务。党和国家对民营经济的方针政策是一以贯之的，也是十分明确的.
It adds: “At present, the NDRC and other departments are revising and introducing a new version of the market access negative list, implementing the requirement of ‘everything not prohibited is allowed’, refining measures, and continuously promoting fair access for private enterprises to competitive infrastructure sectors, major national scientific research infrastructure, and other areas and supporting private enterprises to actively participate in the construction of ‘two major/heavy’ projects and ‘two new’ work. Implementing these policy requirements in a thorough and practical manner not only addresses prominent issues in the present but also focuses on establishing long-term mechanisms for the future, ensuring the continuous stimulation of the vitality and dynamism of the private economy.” 当前，国家发展改革委等部门正在修订出台新版市场准入负面清单，落实好“非禁即入”要求，细化举措，持续推进基础设施竞争性领域、国家重大科研基础设施等向民营企业公平开放，支持民营企业积极参与“两重”建设和“两新”工作。把这些政策要求落地落细落实，既立足当下破解突出问题，又着眼长远构建长效机制，定能持续激发民营经济生机活力.
The next point that the article discusses is the bit on the relationship between government and business. It argues that:
“To put the construction of a close and clean government-business relationship into practice, it is necessary to solve the problems of inadequate understanding and oversimplification of work. It must be deeply recognized that the essence of ‘closeness’ and ‘cleanliness’ is the relationship between doing things and being clean, which is dialectically unified and can proceed without contradiction. Officials at all levels must profoundly understand the principles of using power for the people, taking responsibility to accomplish tasks, and establishing themselves through integrity. They should consciously unify responsibility and self-discipline, clearly demonstrate their attitude and take action in building close and clean government-business relationships, maintaining appropriate closeness while being clean and effective. Private entrepreneurs should also interact with officials with a clear conscience, speaking the truth, stating facts, offering constructive criticism, maintaining self-discipline and following the right path, abiding by laws and regulations in running their businesses, and conducting operations in an upright manner. They must never attempt to corrupt officials through inducements.” 把构建亲清政商关系落到实处，必须解决认识不到位、工作片面化简单化的问题。要深刻认识到，“亲”和“清”本质上是干事和干净的关系，是辩证统一的，完全可以并行不悖。各级干部要深刻懂得用权为民、担责成事、廉洁立身的道理，自觉把担当和自律统一起来，在构建亲清政商关系上亮明态度、付诸行动，做到亲而有度、清而有为。民营企业家也要心底坦荡地和干部交往，讲真话、说实情、建诤言，洁身自好走正道，遵纪守法办企业，光明正大搞经营，决不能利诱腐蚀干部.
The final paragraph says:
Supporting the development of the private economy is a consistent policy of the Central Committee of the Communist Party of China. Party committees and governments at all levels must base themselves in reality, coordinate and ensure the implementation of policies and measures to promote the development of the private economy, and, once identified, take action promptly without hesitation or delay. By implementing various policies without compromise, a new landscape for the development of the private economy will surely be created, gathering strong momentum to drive the high-quality development of the Chinese economy. 支持民营经济发展是党中央的一贯方针。各级党委和政府要立足实际，统筹抓好促进民营经济发展政策措施的落实，看准了就抓紧干、不含糊不拖拉。把各项政策不折不扣落实，定能开创民营经济发展新局面，汇聚起推动我国经济高质量发展的强大动能.
Also on the page is a long report touching upon some of the conversations at the symposium. A lot of it is repetitive in the sense that it talks about the importance of the private sector and how Xi values the private economy. But some of the comments by entrepreneurs and Xi are worth noting.
For instance, Wang Xingxing, CEO of Hangzhou Yushu Technology Co., Ltd (Unitree Robotics), talked about how his company and he himself were “born and raised in China.” Xi, meanwhile, told him that “You are the youngest here. The country’s innovation needs the contribution of the younger generation.” 杭州宇树科技有限公司的王兴兴是位90后，他在发言中动情地说：“我们的企业和我们自己，都是在中国土生土长的。”总书记勉励他说，“你是这里面最年轻的。国家的创新需要年轻一代贡献力量.”
Xi told the entrepreneurs to think long term and have confidence in China’s economic prospects because “in the long run, east wind is still strong”. 这何尝不是历史的发展规律、时代的前行逻辑？“长远看还是东风浩荡。”习近平总书记清晰洞见，“信心很重要.”
Then we get this:
From the trials of overcoming difficulties, one can gain a deeper understanding of General Secretary Xi Jinping’s strategic judgment, which he has repeatedly emphasised, that China’s economy has a ‘stable foundation, many advantages, strong resilience, and great potential.’ The coordination of supply and demand, the conversion of new and old growth drivers, the dialectic of optimizing incremental growth and revitalizing existing resources ... provide a broad stage for the development of the private economy. Beyond observing short-term trends, it is even more important to grasp long-term dynamics. ‘The supporting conditions and fundamental trends for long-term positive growth remain unchanged.’ China’s economy is stable and improving and has support, foundation, and confidence.
Private entrepreneurs have a personal understanding of this. BYD’s Wang Chuanfu, starting from the point when China’s new energy vehicles began from zero, presented impressive achievements; Liu Yonghao, Chairman of New Hope Holdings Group Co. Ltd., spoke about how traditional industries can still display new vitality 43 years after the company’s establishment; Yu Renrong, Chairman of Shanghai Will Semiconductor Co., Ltd., analyzed the continuously climbing localization rate in supply chain layout and the strong driving force of upstream and downstream development; Xiaomi’s Lei Jun recounted the winding journey of recent years, how after two consecutive years of negative revenue growth, the company restored high-speed growth exceeding 30% in 2024. Their journeys vividly illustrate the reality of a ‘stable foundation, many advantages, strong resilience, and great potential.’ This success is attributed to the institutional advantages of a socialist market economy, the demand advantages of a super-large-scale market, the supply advantages of a complete industrial system, and the talent advantages of a vast number of highly skilled workers and entrepreneurs—advantages that translate into surging momentum. Practice has repeatedly proven that China is a super-large-scale economy with strong resilience. Looking around the world, China still stands out as ‘a uniquely beautiful landscape’, and ‘the next China is still China’. 从攻坚克难的砥砺中，也可更深刻领悟习近平总书记多次强调的，中国经济“基础稳、优势多、韧性强、潜能大”的战略判断。供给和需求的统筹，新旧动能的转换，做优增量和盘活存量的辩证……为民营经济发展提供了广阔舞台。观短期之形，更要察长期之势，“长期向好的支撑条件和基本趋势没有变”，中国经济稳中向好有支撑、有基础、有底气。对此，民营企业家们有着切身的感知。比亚迪股份有限公司的王传福，从我国新能源汽车从零起步讲起，亮出了不斐的成绩单；新希望控股集团有限公司的刘永好，谈到了企业创立43年后的今天，传统产业依然能焕发新的生命力的缘由；上海韦尔半导体股份有限公司的虞仁荣，分析了供应链布局上的国产化率持续攀升和上下游发展的强劲带动力；小米科技有限责任公司的雷军，讲述了这些年的曲折历程，公司营收连续两年负增长之后，2024年恢复了超30%的高速增长。他们的跋涉，正是“基础稳、优势多、韧性强、潜能大”的生动写照，得益于社会主义市场经济的体制优势、超大规模市场的需求优势、产业体系配套完整的供给优势、大量高素质劳动者和企业家的人才优势，优势是奔涌的动能。实践一再佐证，中国是具有强劲韧性的超大规模经济体。放眼全球，仍然是“风景这边独好”，“下一个中国，还是中国”.
Also noteworthy is this quote from Huawei’s Ren Zhengfei:
He told Xi that “our earlier concerns about ‘lacking chips and lacking soul (core technology dependence)’ have diminished. ‘I firmly believe that a greater China will rise at an accelerated pace.’ Lei Jun was full of confidence about future development: ‘We firmly believe that despite changing international circumstances, as long as we have the CPC Central Committee with Comrade Xi Jinping at its core leading the people of the whole country united in moving forward, there is nothing that cannot be overcome’.” 座谈会上，民营企业家们的自豪、自信溢于言表。华为技术有限公司的任正非告诉总书记，我们曾经“缺芯少魂”的忧虑已经减弱了，“我坚信，一个更伟大的中国将加速崛起”。雷军对于未来发展充满信心：“我们坚信，纵使国际风云变幻，只要有以习近平同志为核心的党中央带领全国人民团结一致向前进，就没有什么是不能战胜的.”
Another noteworthy bit is this:
“At the symposium, the General Secretary emphasised the word ‘solid’: ‘Solidly implementing policies and measures to promote the development of the private economy is the current focus of work in promoting the development of the private economy. Whatever the Central Committee has decided must be resolutely implemented without compromise.’ The journey from making commitments to fulfilment relies on ‘driving in nails’ one blow of the hammer at a time.” 座谈会上，总书记着重强调一个“实”字：“扎扎实实落实促进民营经济发展的政策措施，是当前促进民营经济发展的工作重点。凡是党中央定了的就要坚决执行，不能打折扣。”从承诺到践诺，靠的是一锤锤地“钉钉子”. In this context, the basic point that was being made was to ensure legal predictability through the Private Economy Promotion Law and ensuring equal support to both private and state entities in terms of use of factors of production, market access, etc.
In all this, I think this bit below is important to note:
“The rule of law is the best business environment. In high-quality development, the spirit of the rule of law is an essential component. ‘Effectively protect the legitimate rights and interests of private enterprises and private entrepreneurs according to the law.’ The General Secretary’s statement contains two key phrases: One is ‘legitimate rights and interests’, emphasising that what is being protected are lawful rights and interests, not illegal benefits. The other is ‘protect according to the law’, meaning that protection must comply with laws and regulations and cannot involve extralegal leniency.” 贯穿其中的法治建设，事关每一个人。法治是最好的营商环境。高质量发展，法治精神是其中应有之义。“切实依法保护民营企业和民营企业家合法权益。”总书记的这句话有两个关键词：一个是合法权益，强调保护的是合法权益，而不是非法利益；另一个是依法保护，意味着保护必须符合法律法规，不能搞法外开恩那一套.
Moving on, let’s look at the 12th special study session of the State Council, which was held yesterday. The theme of this session was: “Adhere to the combination of promoting consumption and benefiting people’s livelihood, vigorously boost consumption and expand domestic demand.” Liu Yuanchun, President of Shanghai University of Finance and Economics, was the guest speaker. He Lifeng, Ding Xuexiang and Shen Yiqin shared exchanges with Liu.
After all this Li Qiang spoke. He said:
“Internal circulation and domestic demand are the unique advantages of the economy of a big country. Boosting consumption is not only an important means to expand domestic demand and stabilize growth at present, but also a major measure to transform the development mode in the medium and long term. Consumption should be placed in a more prominent position, relying more on boosting consumption to expand domestic demand, smooth economic circulation, and drive economic growth. We must make every effort to enhance consumption capacity, adopt more effective consumption-promoting policies, eliminate obstacles and constraints to consumption, work hard to optimize the consumption environment, and strive to open up the chain where consumption drives investment, industrial upgrading, and employment and income growth.” 李强在听取讲座和交流发言后指出，内部可循环、内需为主导，是大国经济的独有优势。提振消费既是当前扩内需、稳增长的重要抓手，也是中长期转变发展方式的重大举措。要把消费放在更加突出的位置，更多依靠提振消费扩大国内需求、畅通经济循环、拉动经济增长。要千方百计增强消费能力，采取更有效的促消费政策，破除制约消费的障碍束缚，下力气优化消费环境，努力打通消费带动投资、带动产业升级、带动就业增收的链条. (Note: The challenge is that there’s no clarity on how the Party intends to boost consumption other than what it has already been doing, i.e., adopting supply-side measures.)
Li Qiang pointed out that we must closely follow the needs of residents and fully tap China’s huge consumption potential. We must vigorously promote service consumption, comprehensively improve the supply level in the fields of education, medical care, culture, sports, tourism, elderly care, and domestic services, especially around the key points of coping with population aging and promoting the urbanisation of agricultural migrant population, and accelerate the filling of corresponding service shortcomings. We should vigorously promote technology consumption, make good use of China’s advantages such as rich application scenarios and strong technology iteration capabilities, accelerate the promotion of AI technology, and release the consumption potential of AI terminal products and other items. We should vigorously promote consumption in segmented markets, based on China’s huge population base, adapting to diversified and differentiated trends, developing quality products and services in more segmented fields, and stimulating new consumption demands. 李强指出，要紧扣居民需要充分挖掘我国巨大消费潜力。要大力促进服务消费，全面提升教育、医疗、文化、体育、旅游、养老、家政服务等领域的供给水平，特别是围绕应对人口老龄化、推动农业转移人口市民化等重点，加快补齐相应的服务短板。要大力促进科技消费，用好我国应用场景丰富、技术迭代能力强等优势，加快人工智能技术推广，释放人工智能终端产品等消费潜力。要大力促进细分市场消费，立足我国庞大人口基数，顺应多元化、差异化趋势，在更多细分领域开发优质产品和服务，激发新的消费需求.
He added that “to boost consumption, we must focus on targeted remedies and coordinated policies to further improve policy effectiveness and release reform effects. We should increase policy support with emphasis on key areas, using valuable policy resources more in areas with strong leverage and driving capabilities, be good at innovating policy tools, and better utilise market forces to boost consumption. We must identify key issues to accelerate reform breakthroughs, clean up unreasonable restrictions on consumption, further relax market access in relevant industries, increase high-quality consumption supply, and standardise supervision of emerging consumption during development. We should coordinate support policies and reform measures, mobilize the enthusiasm of all parties, and form a joint force to promote consumption.” 李强强调，提振消费要对症下药、统筹施策，进一步提高政策效能、释放改革效应。要突出重点加大政策支持，把宝贵的政策资源更多用于撬动性、带动性强的领域，善于创新政策工具，更好发挥市场力量提振消费。要找准要害加快改革破题，清理对消费的不合理限制，进一步放宽相关行业市场准入，增加高质量消费供给，对于新兴消费要在发展中规范监管。要把支持政策和改革举措协同起来，调动各方面积极性，形成促消费的合力.
Finally, there’s a report on Cai Qi’s remarks at the national social work ministers’ conference in Beijing. Cai called on them to: “profoundly understand the decisive significance of the ‘two establishments’, resolutely uphold the ‘two safeguards’, unswervingly follow the path of socialist social governance with Chinese characteristics, focus on strengthening Party-building in new economic organizations, new social organizations, and new employment groups, strengthen Party building to lead grassroots governance and grassroots political power construction, do well in cohesion and service to the masses, improve institutional mechanisms, enhance overall effectiveness, promote high-quality development of social work in the new era, and make new contributions to comprehensively advancing the building of a strong country and the great cause of national rejuvenation through Chinese-style modernization.” 他强调，要坚持以习近平新时代中国特色社会主义思想为指导，全面贯彻党的二十大和二十届二中、三中全会精神，深入学习贯彻习近平总书记关于社会工作的重要论述，深刻领悟“两个确立”的决定性意义，坚决做到“两个维护”，坚定不移走中国特色社会主义社会治理之路，突出抓好新经济组织、新社会组织、新就业群体党的建设，抓好党建引领基层治理和基层政权建设，抓好凝聚服务群众工作，健全体制机制，提升整体效能，推动新时代社会工作高质量发展，为以中国式现代化全面推进强国建设、民族复兴伟业作出新的贡献.
He added:
It is necessary to “uphold and strengthen the Party’s leadership, adhere to the people-centered approach, better grasp the laws of social operation and governance, and continuously advance the modernization of social governance. It is necessary to strengthen ideological and political guidance, educate the masses and lead society with the Party’s innovative theory, promote the casting of souls and nurturing of people with socialist core values, and stimulate positive energy for the whole society to strive for progress and goodness. It is necessary to focus on different social groups, strengthen care and services, and work to solve practical issues they care about. It is necessary to uphold and develop the ‘Fengqiao Experience’ in the new era and do well in the early prevention and resolution of social contradictions and risks. It is necessary to practice the concept of joint construction, co-governance and sharing, open up channels for listening to opinions and suggestions, handle everyone’s affairs through consultation, and guide all parties to actively participate in social governance.” 蔡奇强调，要坚持和加强党的领导，坚持以人民为中心，更好把握社会运行规律和治理规律，不断推进社会治理现代化。要强化思想政治引领，以党的创新理论教育群众、引领社会，推动用社会主义核心价值观铸魂育人，激发全社会向上向善的正能量。要围绕不同社会群体，加强关爱服务，着力解决他们关心的实际问题。要坚持和发展新时代“枫桥经验”，抓好社会矛盾风险前端防范化解。要践行共建共治共享理念，畅通听取意见建议渠道，大家的事大家商量着办，引导各方积极参与社会治理.
Page 2: There’s a report on the SCIO briefing about the 20-point plan to stabilise and attract foreign investment. I covered the full plan in yesterday’s edition.
Also on the page is a report informing that data from the State Administration of Taxation reveals that the amount of reinvestment in China by foreign investors enjoying the deferred tax policy reached 162.28 billion yuan, a year-on-year increase of 15%.
The deferred tax policy for foreign reinvestment means that for profits distributed by resident enterprises within China to foreign investors, those directly invested in projects and fields within China, withholding income tax is temporarily not levied.
The report then makes four points:
First, in 2024, the amount of reinvestment by investors from BRI countries benefiting from the deferred tax policy increased by 95.7% year-on-year. Among them, Singapore and South Korean investors' reinvestment increased by 1.4 times and 66.5% year-on-year, respectively.
Second, the amount of reinvestment by Japanese and American investors has grown steadily. In 2024, the amount of reinvestment by Japanese and American investors increased by 1.6 times and 26% year-on-year respectively.
Third, in 2024, reinvestment funds flowed into enterprises across 68 major industries, three more than the previous year. Among them, foreign reinvestment in the specialised equipment manufacturing industry and pharmaceutical manufacturing industry increased by 1.3 times and 24% year-on-year, respectively.
Fourth, in 2024, the northwest and southwest regions experienced rapid growth in reinvestment, with foreign reinvestment in these western regions increasing by 60.6% year-on-year.
国家税务总局国际税务司有关负责人介绍，外商在华再投资有4方面亮点：一是共建“一带一路”国家投资者再投资金额增长迅猛。2024年，共建“一带一路”国家投资者享受递延纳税的再投资金额同比大幅增长95.7%。其中，新加坡、韩国投资者再投资金额同比分别增长1.4倍和66.5%。二是日本、美国投资者再投资金额稳步增长。2024年，日本、美国投资者再投资金额同比分别增长1.6倍和26%。三是再投资行业持续扩围。2024年，再投资资金流向企业涉及68个行业大类，较上年增加3个行业大类。其中，专用设备制造业、医药制造业吸引外商再投资金额同比分别增长1.3倍和24%。四是西部地区再投资吸引力增强。2024年，西北、西南等西部地区再投资增长较快，吸引外商再投资金额同比增长60.6%.
Page 3: There’s a report on China ranking second in the soft power index released by Brand Finance. Xinhua reports:
“The report shows that China surpassed Britain to claim second place with a score of 72.8 out of 100, marking its highest-ever ranking. The country demonstrated statistically significant growth across six of the eight soft power pillars and two-thirds of measured attributes, driven by initiatives such as the Belt and Road Initiative, an increased emphasis on sustainability, and the strengthening of domestic brands. The index, based on a survey of more than 170,000 respondents from over 100 countries, captures global perceptions of all 193 United Nations member states. The findings were unveiled during the Global Soft Power Summit 2025. The United States retained its top ranking with a record score of 79.5 out of 100. However, its global reputation dropped four positions to 15th since the last assessment. Additionally, the country’s governance matrix fell four spots to 10th.”
There’s an article by Fajar B. Hirawan, who is Faculty of Economics and Business, Indonesian International Islamic University. He talks about Indonesia joining BRICS. Some useful bits from this article are:
“Becoming a full member of the BRICS opens a new door to economic cooperation for Indonesia. Developing infrastructure, especially enhancing connectivity between islands in the country, is a top priority for Indonesia. By joining the BRICS cooperation mechanism, Indonesia will realize its potential in infrastructure construction, technology exchange and expansion of trade networks. By implementing projects such as road and port construction, Indonesia will promote the construction of a more integrated national and regional market. Indonesia will also accelerate the development of projects in areas such as energy and digital infrastructure to create stronger growth and resilience in an increasingly connected world. Strengthening cooperation with other BRICS countries in areas such as financial technology, e-commerce and artificial intelligence will help Indonesia innovate and develop and create new economic growth points. Developing the marine economy is an important part of Indonesia’s Global Marine Fulcrum concept. Strengthening cooperation with other BRICS countries will help Indonesia promote port modernization, strengthen marine resource management, and accelerate the development of the blue economy. Indonesia has potential in maintaining marine security and strengthening marine trade and resource development capacity building.” 成为金砖正式成员为印尼打开新的经济合作之门。发展基础设施尤其是增强国内各岛屿之间的互联互通是印尼的当务之急。通过加入金砖合作机制，印尼将在基础设施建设、技术交流以及贸易网络扩展方面发挥自身潜力。通过实施公路、港口建设等项目，印尼将推动建设更为一体化的国家和区域市场。印尼还将加速在能源、数字基础设施等领域的项目开发，在日益紧密联系的世界中打造更强劲的增长与韧性。在金融科技、电子商务和人工智能等领域加强同其他金砖国家的合作，将助力印尼创新发展，创造新的经济增长点。发展海洋经济是印尼“全球海洋支点”构想的重要内容。同其他金砖国家加强合作，有助于印尼推动港口现代化、加强海洋资源管理、加快蓝色经济发展。印尼在维护海洋安全、加强海洋贸易与资源开发能力建设等方面具有潜力.
He also talks about the strategic impact of BRICS. He argues that BRICS “promotes the wider participation of the ‘Global South’ in international affairs by amplifying the voices of emerging market countries and developing countries, and supports the process of world multipolarisation.”
He added: “By joining the BRICS cooperation mechanism, Indonesia will use its diplomatic advantages to exert influence on issues such as international financial reform, climate policy and global sustainable development, and promote the establishment of a more just, balanced and inclusive global governance system.” 通过加入金砖合作机制，印尼将利用其外交优势，在国际金融改革、气候政策以及全球可持续发展等议题上发挥影响力，推动建立更加公正、平衡和包容的全球治理体系.
Page 4: There’s a report informing that the Ministry of Education and seven other departments have issued the ‘Management Measures for Part-Time Industry Teachers in Ordinary Undergraduate Colleges and Universities’. This is the first specialised document focused on building the workforce of part-time industry teachers in general undergraduate institutions.
Page 10: There’s an article by Minister of Finance Lan Fo’an, discussing the priorities of fiscal policy for 2025. He makes five key points for the work of 2025:
2025 is the final year of the 14th Five-Year Plan. Currently, the adverse effects of changes in the external environment have deepened, and China’s economic operation still faces many difficulties and challenges. However, it should be noted that China’s economic advantages of strong resilience, sufficient potential, and large room for maneuver are still evident, and the long-term support conditions and basic trends have not changed. It is necessary to grasp the general trend, strengthen confidence, take positive actions, fully implement the decisions and arrangements of the Party Central Committee, implement a more proactive fiscal policy, effectively implement a more proactive fiscal policy, apply continuous efforts and greater strength, and deploy a well-coordinated policy mix to transform various positive factors into tangible development results. Continuous efforts imply ensuring policy continuity, allowing already introduced policies to maximize their effectiveness while promptly introducing new and impactful policies, maintaining coherence and sustained force. Greater strength means making full use of policy space, strengthening counter-cyclical adjustments, enhancing the foresight, targeting, and effectiveness of macroeconomic regulation, making policies more forceful, achieving better outcomes, and ensuring a stronger sense of gain across all aspects. 2025年是“十四五”规划收官之年。当前，外部环境变化带来的不利影响加深，我国经济运行仍面临不少困难和挑战。但要看到，我国经济韧性强、潜力足、回旋余地大的优势仍然明显，长期向好的支撑条件和基本趋势没有改变。我们要把握大势、坚定信心、积极作为，全面贯彻落实党中央决策部署，实施好更加积极的财政政策，持续用力、更加给力，打好政策“组合拳”，努力将各方面积极因素转化为发展实绩。持续用力，就是做好政策衔接，既让已出台的政策发挥最大效能，又及时出台新的有力度的政策，前后贯通、接续发力。更加给力，就是用好用足政策空间，加强逆周期调节，提高宏观调控的前瞻性、针对性、有效性，使政策力度更大、效果更好，各方面更有获得感.
First, we will increase the fiscal deficit ratio, increase expenditure intensity and speed up expenditure progress. The deficit ratio is an important indicator of macroeconomic policies. According to the cyclical changes of the macroeconomy, it is a common practice for countries around the world to strengthen countercyclical regulation by increasing the deficit ratio. This year, we will comprehensively consider the needs of macroeconomic regulation, increase the fiscal deficit ratio, further increase the scale of total fiscal expenditure, and inject more impetus into economic development. At the same time, fiscal policy will take the initiative to move forward and speed up the disbursement of various funds to ensure rapid implementation of expenditures. 一是提高财政赤字率，加大支出强度、加快支出进度。赤字率是宏观政策的一个重要风向标。根据宏观经济周期性变化，通过提高赤字率，加强逆周期调节，是世界各国通行做法。今年将统筹考虑宏观调控需要，提高财政赤字率，进一步增加财政总支出规模，为经济发展注入更多动力。同时，财政政策主动靠前发力，加快各项资金下达拨付，尽快形成实际支出.
Second, arrange a larger scale of government bonds to provide more support for stabilizing growth and adjusting the structure. From an international perspective, China’s government debt ratio is significantly lower than that of major economies and emerging market countries; there is still a large room for debt. This year, we will increase the issuance of ultra-long-term special treasury bonds to further support the ‘two heavy/major’ project construction and ‘two new’ work; increase the scale of new local government special bonds, expand the investment areas and the scope of project capital; appropriately increase the scale of central budgetary investment, and reasonably allocate investment directions and priorities. 二是安排更大规模政府债券，为稳增长、调结构提供更多支撑。从国际比较看，我国政府负债率显著低于主要经济体和新兴市场国家，还有较大举债空间。今年将增加发行超长期特别国债，进一步支持“两重”建设、“两新”工作；增加新增地方政府专项债券规模，扩大投向领域和用作项目资本金范围；适度增加中央预算内投资规模，合理安排投向和重点.
Third, vigorously optimise the expenditure structure and strengthen precise allocation, with greater emphasis on benefiting people’s livelihoods, promoting consumption, and enhancing long-term momentum. Persist in tapping management potential and ensuring spending efficiency, unwaveringly adhering to the principle of frugality in Party and government institutions, and concentrating financial resources on major and critical matters. Focus on increasing support for employment stability, promoting the resolution of structural employment contradictions and employment issues for key groups. Increase support for boosting consumption, promoting the growth of residents’ income, improving the social security system, and enhancing consumption conditions. Strengthen support for education and talent, scientific and technological breakthroughs, rural revitalisation, and green and low-carbon development, enhancing policy coordination and accelerating the development of new quality productive forces. 三是大力优化支出结构、强化精准投放，更加注重惠民生、促消费、增后劲。坚持管理挖潜、花钱问效，坚持党政机关过紧日子不动摇，集中财力办好大事要事。重点加大对稳就业的支持，促进解决结构性就业矛盾和重点群体就业问题。加大对提振消费的支持，推动增加居民收入、健全社保体系、改善消费条件。加大对教育人才、科技攻关、乡村振兴、绿色低碳等领域的支持，增强政策协同性，加快发展新质生产力.
Fourth, we will continue to work hard to prevent and resolve risks in key areas and promote stable operation and sustainable development of the fiscal system. Development is the foundation, and security is the bottom line. We must strengthen bottom-line thinking and promote the positive interaction between high-quality development and high-level security. This year, in accordance with the package of debt resolution policies, efforts will continue to implement the policy of swapping local government debt limits with existing implicit debt. Local government special bonds will be allowed to be used for reclaiming idle stock land and purchasing existing commercial housing for affordable housing, promoting the stabilisation of the real estate market. Newly issued special treasury bonds will be used to supplement the core tier-one capital of state-owned major banks, enhancing their capacity to serve the real economy. 四是持续用力防范化解重点领域风险，促进财政平稳运行、可持续发展。发展是基础，安全是底线，必须强化底线思维，推动实现高质量发展与高水平安全良性互动。今年将按照一揽子化债政策安排，继续推动落实地方政府债务限额置换存量隐性债务政策。允许地方政府专项债券用于回收闲置存量土地和收购存量商品房用作保障性住房，促进房地产市场回稳。新增发行特别国债补充国有大行核心一级资本，增强服务实体经济能力.
Fifth, further increase transfer payments to local governments, strengthen local financial resources, and ensure the bottom line of the ‘three guarantees’. The central government’s transfer payments to local governments have exceeded 10 trillion yuan for two consecutive years, strengthening the financial support for the ‘three guarantees’ at the grassroots level and promoting the equalisation of basic public services. This year, central-to-local transfer payments will continue to grow, with further increases in equalisation transfer payments and county-level basic financial guarantee mechanism incentive and subsidy funds to strengthen local financial capacity. At the same time, more funds will be allocated to incentivise high-quality development, encouraging local governments to actively develop the economy and expand the ‘income pie’.五是进一步增加对地方转移支付，增强地方财力、兜牢“三保”底线。中央对地方转移支付已连续两年超过10万亿元，强化基层“三保”财力保障，促进基本公共服务均等化。今年中央对地方转移支付将保持增长，进一步增加均衡性转移支付、县级基本财力保障机制奖补资金，加强地方财力保障。同时，增加安排促进高质量发展激励资金，激励地方主动发展经济、做大收入“蛋糕”.