Xi's Article on Boosting Demand - Minister Ni Hong on Real-Estate Sector Reform - Jan-Nov Economic Data - Threatening Japan with Economic Coercion - Ideological & Moral Development of Minors
Here are the key reports and articles from the People’s Daily’s edition on Tuesday, December 16, 2025.
Page 1: There’s a report on Xi Jinping’s article in the Party’s flagship journal Qiuishi’s final edition for 2025. The article talks about why boosting domestic demand is a strategic decision. This article is a collection of Xi’s quotes from over the years. Its value is in signalling as we head into 2026. As you might recall, the first task of the 8 outlined in the CEWC readout was to boost domestic demand.
Anyway, the first quote in the article is really useful for anyone who has faced pushback from Beijing on the concept of overcapacity. Here’s Xi speaking at the Fifth Plenary Session of the 18th Central Committee on October 29, 2015.
“In the past, our country’s production capacity lagged behind, and therefore the focus of work was placed on expanding investment and increasing production capacity. Now, with overall production capacity in surplus, blindly relying on expanding investment to boost growth has limited effectiveness and diminishing marginal returns. Although in the short term investment can become an important driving force pulling economic growth, in the end, consumption is the enduring driving force of economic growth. While expanding effective investment and giving play to the key role of investment, it is necessary to more effectively utilize the fundamental role of consumption in driving growth.” 过去，我国生产能力滞后，因而把工作重点放在扩大投资、提高生产能力上。现在，产能总体过剩，仍一味靠扩大规模投资抬高速度，作用有限且边际效用递减。虽然短期内投资可以成为拉动经济增长的重要动力，但最终消费才是经济增长的持久动力。在扩大有效投资、发挥投资关键作用的同时，必须更加有效地发挥消费对增长的基础作用.
Another important quote comes from Xi’s speech at the 7th meeting of the Central Financial and Economic Affairs Commission on April 10, 2020.
We must resolutely implement the strategy of expanding domestic demand. Building a complete domestic demand system is crucial for China’s long-term development and lasting stability. After reform and opening up, particularly after joining the WTO, China integrated into the international economic cycle, forming a development model where both markets and resources (such as mineral resources) were ‘outside’, creating a ‘world factory’. This played an important role in enabling our country to seize the opportunities of economic globalization, rapidly raise economic strength, and improve the people’s living standards. In recent years, economic globalization has encountered headwinds, and this pandemic may exacerbate the trend of de-globalization, with a significant increase in inward-looking tendencies among various countries. The external environment facing China’s development may undergo significant changes. Implementing the strategy of expanding domestic demand is necessary to cope with the impact of the pandemic, to maintain China’s long-term sustainable and healthy economic development, and to meet the people’s ever-growing needs for a better life.
The advantage of a large economy lies in its internal circulation. China has a population of 1.4 billion, and its per capita GDP has already exceeded $10,000, making it the world’s largest and most promising consumer market. The upgrading of consumer spending, combined with modern technology and production methods, holds immense growth potential. We must firmly grasp the expansion of domestic demand as this strategic fulcrum, so that the various links of production, distribution, circulation, and consumption rely more on the domestic market to realize a virtuous cycle. We must clarify the strategic direction of supply-side structural reform and promote a dynamic balance between aggregate supply and aggregate demand at a higher level. Expanding domestic demand and expanding opening up are not contradictory. The smoother the domestic circulation, the more it can form a gravitational field for global resources and factors, the more conducive it is to building a new development pattern with the domestic grand circulation as the mainstay and domestic and international dual circulations mutually promoting each other, and the more conducive it is to forming new advantages in participation in international competition and cooperation.
Consumption is a crucial engine of China’s economic growth, and the middle-income group is an important foundation for consumption. Currently, China has approximately 400 million middle-income people, the largest absolute number in the world. We must make expanding the size of the middle-income group an important policy objective, optimize the income distribution structure, and improve the mechanisms for evaluating the contributions of production factors such as knowledge, technology, management, and data by the market and determining remuneration based on contributions. We must increase investment in human capital, enabling more ordinary workers to enter the middle-income group through their own efforts. 坚定实施扩大内需战略。构建完整的内需体系，关系我国长远发展和长治久安。改革开放特别是加入世贸组织后，我国加入国际大循环，形成了市场和资源（如矿产资源）“两头在外”、形成“世界工厂”的发展模式，对我国抓住经济全球化机遇、快速提升经济实力、改善人民生活发挥了重要作用。近几年，经济全球化遭遇逆风，这次疫情可能加剧逆全球化趋势，各国内顾倾向明显上升，我国发展面临的外部环境可能出现重大变化。实施扩大内需战略，是当前应对疫情冲击的需要，是保持我国经济长期持续健康发展的需要，也是满足人民日益增长的美好生活的需要。大国经济的优势就是内部可循环。我国有14亿人口，人均国内生产总值已经突破1万美元，是全球最大最有潜力的消费市场。居民消费优化升级，同现代科技和生产方式相结合，蕴含着巨大增长空间。我们要牢牢把握扩大内需这一战略基点，使生产、分配、流通、消费各环节更多依托国内市场实现良性循环，明确供给侧结构性改革的战略方向，促进总供给和总需求在更高水平上实现动态平衡。扩大内需和扩大开放并不矛盾。国内循环越顺畅，越能形成对全球资源要素的引力场，越有利于构建以国内大循环为主体、国内国际双循环相互促进的新发展格局，越有利于形成参与国际竞争和合作新优势。消费是我国经济增长的重要引擎，中等收入群体是消费的重要基础。目前，我国约有4亿中等收入人口，绝对规模世界最大。要把扩大中等收入群体规模作为重要政策目标，优化收入分配结构，健全知识、技术、管理、数据等生产要素由市场评价贡献、按贡献决定报酬的机制。要扩大人力资本投入，使更多普通劳动者通过自身努力进入中等收入群体。（2020年4月10日在中央财经委员会第七次会议上的讲话）
This from the 2020 CEWC is also useful to remember:
On the issue of adhering to the expansion of domestic demand as this strategic fulcrum. Forming a strong domestic market is an important support for building a new development pattern, and is also where the advantage of a major-country economy lies. The expansion of domestic demand that we emphasize is not merely expanding government public expenditure; it requires effective institutional arrangements to rationally guide consumption, savings, and investment.
Expanding consumption, at its most fundamental level, is to promote employment, improve social security, optimize the income-distribution structure, expand the middle-income group, and solidly advance common prosperity. Expanding consumption must be combined with improving people’s quality of life, adapting to the actual needs of different income groups, and enhancing residents’ consumption capacity and willingness through high-quality supply. Remove some administrative restrictions on consumption and purchasing to unleash consumption potential; adapt to the trend of consumption structure upgrading, innovate consumption formats and models, form new growth points such as service consumption, and overseas consumption should be encouraged to return. Rural consumption demand should be given importance, and the consumption potential of counties and townships should be fully tapped. The vocational and technical education system should be improved, to achieve more fully adequate and higher-quality employment. Public consumption should be increased in a reasonable manner, and the efficiency of public service expenditures in education, healthcare, elderly care, and childcare should be raised.
Enhance the momentum of investment growth and continue to bring into play its key role. Optimize the investment system and promote the rational transformation of savings into investment. The guiding and leverage role of central-government budgetary investment should be brought into play, exerting effects in fields with strong spillovers and high social benefits. The investment environment should be comprehensively improved, good investment expectations should be formed, and investment vitality across the whole of society should be stimulated. Vigorously develop the digital economy, increase investment in new infrastructure, accelerate the digital, intelligent, and green transformation of traditional industries, and promote industrial digitalization and the digitalization of industries. Promote advanced and applicable technologies and expand investment in equipment renewal and technological transformation in the manufacturing sector. Deeply promote new urbanization, implement urban renewal actions, and promote the renovation of old urban residential areas. Improve infrastructure and circulation levels, build a modern logistics system, and implement a number of major projects in comprehensive transportation, basic scientific research, public health, ecological protection, and rural construction.
关于坚持扩大内需这个战略基点问题。形成强大国内市场是构建新发展格局的重要支撑，也是大国经济优势所在。我们强调的扩大内需，并不只是扩大政府公共支出，必须在合理引导消费、储蓄、投资等方面进行有效制度安排。扩大消费最根本的是促进就业，完善社保，优化收入分配结构，扩大中等收入群体，扎实推进共同富裕。要把扩大消费同改善人民生活品质结合起来，适应不同收入群体实际需要，以高质量供给提高居民消费能力和意愿。要有序取消一些行政性限制消费购买的规定，释放消费潜力；适应消费结构升级趋势，创新消费业态和模式，形成服务消费等新增长点，促进境外消费回流。要重视乡村消费需求，充分挖掘县乡消费潜力。要完善职业技术教育体系，实现更加充分更高质量就业。要合理增加公共消费，提高教育、医疗、养老、育幼等公共服务支出效率。要增强投资增长后劲，继续发挥关键作用。要优化投资制度，推动储蓄向投资合理转化。要发挥中央预算内投资的引导和撬动作用，在外溢性强、社会效益高的领域发挥作用。要全面改善投资环境，形成良好投资预期，激发全社会投资活力。要大力发展数字经济，加大新型基础设施投资力度，加快传统产业数字化智能化绿色化改造，促进产业数字化、数字产业化。要推广先进适用技术，扩大制造业设备更新和技术改造投资。要深入推进新型城镇化，实施城市更新行动，推进城镇老旧小区改造。要提升基础设施和流通水平，建设现代物流体系，在综合交通、基础科研、公共卫生、生态保护、乡村建设等领域实施一批重大项目.
At the 2022 CEWC, Xi had said that “insufficient aggregate demand is a prominent contradiction currently facing the economy.” Another key quote comes from January 2021; this is important for people in India to keep in mind too.
In today’s world, the scarcest resource is the market. Market resources are our country’s enormous advantage, and this advantage must be fully utilized and leveraged, continuously consolidated and strengthened, so as to form a strong and substantial support for constructing a new development pattern. Expanding domestic demand is not a temporary expedient measure for responding to financial risks and external shocks, neither is it about engaging in flood-like stimulus, still less is it about increasing the intensity of government input. Rather, it is necessary, on the basis of our country’s actual economic development conditions, to establish effective institutions for expanding domestic demand, release domestic-demand potential, accelerate the cultivation of a complete domestic-demand system, strengthen demand-side management, expand residents’ consumption, upgrade the level of consumption, and make the building of a super-large-scale domestic market a sustainable historical process. 当今世界，最稀缺的资源是市场。市场资源是我国的巨大优势，必须充分利用和发挥这个优势，不断巩固和增强这个优势，形成构建新发展格局的雄厚支撑。扩大内需并不是应对金融风险和外部冲击的一时之策，也不是要搞大水漫灌，更不是只加大政府投入力度，而是要根据我国经济发展实际情况，建立起扩大内需的有效制度，释放内需潜力，加快培育完整内需体系，加强需求侧管理，扩大居民消费，提升消费层次，使建设超大规模的国内市场成为一个可持续的历史过程.
At the top of the page, there’s a report on Xi Jinping’s instructions, which were read out by Cai Qi, at a symposium on the ideological and moral development of minors. Li Shulei presided over this session.
The report says:
Xi Jinping emphasised that on the new journey, it is necessary to implement the fundamental task of fostering virtue through education; persist in taking the ideological and moral development of minors as strategic and foundational work; persistently use the Thought on Socialism with Chinese Characteristics for a New Era to nurture roots and forge souls; improve the coordinated education mechanism among schools, families, and society; and educate and guide the broad masses of minors to set lofty ideals, practice the core socialist values, cultivate good moral character and behavioural habits, and strive to become socialist builders and successors with all-round development in morality, intelligence, physical fitness, aesthetics, and labour. Party committees and governments at all levels should strengthen organizational leadership, and relevant departments and mass organizations should conscientiously fulfill their duties and responsibilities, working together to create a favorable social environment for the healthy growth of minors. 习近平强调，新征程上，要落实立德树人根本任务，坚持把未成年人思想道德建设作为战略性、基础性工作来抓，持之以恒用新时代中国特色社会主义思想培根铸魂，健全学校家庭社会协同育人机制，教育引导广大未成年人树立远大理想，践行社会主义核心价值观，养成良好道德品质和行为习惯，努力成为德智体美劳全面发展的社会主义建设者和接班人。各级党委和政府要加强组织领导，有关部门和群团组织要认真履职尽责，合力为未成年人健康成长营造良好社会环境.
Cai Qi noted that in his various expositions and instructions, Xi has “profoundly elucidated “the correct direction, duties and missions, and paths and methods for strengthening and improving the ideological and moral development of minors in the new era, and providing the fundamental guidance for doing this work well.”
He emphasised that “it is necessary to persist in taking Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guide; fully implement the spirit of the 20th Party Congress and the plenary sessions of the 20th Central Committee; deeply study and implement Xi Jinping Thought on Culture and General Secretary Xi Jinping’s important expositions on the ideological and moral development of minors; persist in and strengthen the Party’s overall leadership; implement the fundamental task of fostering virtue through education; improve the coordinated education mechanism among schools, families, and society; educate and guide the broad masses of minors to practice the core socialist values, strengthen ideals and convictions, deeply cultivate patriotic feelings, strengthen moral cultivation, increase knowledge and understanding, cultivate a spirit of struggle, and enhance comprehensive quality. It is necessary to implement the school’s primary responsibility in education, adhere to placing moral education first, and pay attention to the integration of the ‘five educations’. It is necessary to attach importance to and strengthen family education and give play to its foundational role. It is necessary to actively create a good social and cultural environment, strive to create and produce good cultural products for children, and provide good cultural services. Efforts should be made to raise the capacity for online education and enhance minors’ online literacy. The physical and mental health of minors should be promoted, and the construction of a psychological health service system for minors should be accelerated. Protection of minors and the prevention and control of juvenile delinquency should be strengthened, guiding minors to establish a concept of the rule of law. Party leadership over the ideological and moral development of minors should be strengthened, a good social environment should be created, and the healthy growth and all-round development of minors should be jointly promoted.” 蔡奇强调，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历次全会精神，深入学习贯彻习近平文化思想和习近平总书记关于未成年人思想道德建设的重要论述，坚持和加强党的全面领导，落实立德树人根本任务，健全学校家庭社会协同育人机制，教育引导广大未成年人践行社会主义核心价值观，坚定理想信念、厚植爱国情怀、加强品德修养、增长知识见识、培养奋斗精神、增强综合素质。落实学校育人主体责任，坚持德育为先，注重“五育”融合。重视和加强家庭教育，发挥家庭教育的基础作用。积极营造良好社会文化环境，努力为孩子们创作生产好的文化产品，提供好的文化服务。着力提高网络育人能力，提升未成年人网络素养。促进未成年人身心健康，加快构建未成年人心理健康服务体系。加强未成年人保护和违法犯罪防治，引导未成年人树立法治观念。加强党对未成年人思想道德建设的领导，营造良好社会环境，共同促进未成年人健康成长、全面发展.
There’s also a commentary on this topic on the page. It says:
“Adolescence is a crucial period in life, a time of rapid growth and development, making the establishment of a correct worldview, outlook on life, and values critically important. Helping minors lay a solid foundation for life is essential, and a key aspect of this is establishing a collaborative education mechanism involving schools, families, and society to foster good character from a young age and lay a strong foundation for the healthy growth of minors.
This year marks the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War. The ‘First Lesson of the New Semester’, themed ‘Remembrance and Struggle’, used modern technology to present the magnificent history of the War of Resistance to the audience, allowing teachers and students to undergo a profound spiritual baptism. ‘I want to study hard, not shrink from difficulties, and be as brave and strong as the heroes of the War of Resistance,’ reflected a sixth-grade student.
Combining historical depth with a sense of the technological age, and adapting to trends of digitalization, networking, and intelligent development, The First Lesson of the New Semester has become an effective carrier of ideological and political education. This teaches us that strengthening and improving the ideological and moral development of minors requires schools to fulfill their primary responsibility in education, adhering to the principle of integrating ideological and political education into all courses, placing moral education in a more important position, and striving to ensure that every lesson not only imparts knowledge but also instills virtues, allowing the seeds of socialist core values to take root and flourish in students’ hearts. Teachers shoulder the responsibilities of the times of disseminating knowledge, disseminating thought, and disseminating truth—shaping souls, shaping lives, and shaping new people—they must all the more possess faith and moral commitment, have upright and dignified character, and consciously serve as exemplars in both scholarship and conduct.
During the in-depth study and education on implementing the spirit of the Central Committee’s 8-Point Regulation, a story about a middle school student sparked heated discussion. When her mother was away on a business trip, her grandmother, who was visiting for the holidays, opened the door to receive a package. Seeing that it contained mooncakes, she was about to open them for her granddaughter. The girl immediately stopped her, explaining that her mother had said that due to the 8-Point Regulation, she couldn’t open packages from strangers while her mother was away, and that her mother would handle it herself upon her return. This story demonstrates both the power of the Central Committee’s 8-Point Regulations in shaping social norms and the importance of parents teaching by words and by example. General Secretary Xi Jinping pointed out that ‘the family is the first school in life, and parents are the first teachers of their children. It is essential to teach children the “first lesson of life” well’. Children begin receiving family education from the moment they learn to speak. The kind of family education they receive shapes the kind of person they become. Parents, especially mothers and fathers, have a profound influence on their children, often impacting their entire lives. As parents, it is crucial to instill positive moral values in children from a young age, educating them with correct concepts, methods, and behaviours, passing on the traditional family virtues of the Chinese nation, and cultivating a family culture of harmony, sound family education, and upright family values. Only in this way can the fundamental role of the family in education be fully realised, enabling children to develop good behavioural habits and moral character from an early age.
When visiting revolutionary historical sites such as Yangjialing and Zaoyuan in Yan’an, Shaanxi, many people are deeply impressed by a group of ‘little tour guides’ with an average age of about 10. Through forms such as ‘speaking, singing, and dancing’, they explain red stories, becoming a bright spot in the dissemination of the Yan’an spirit and showcasing the responsibility and commitment of young people in the new era. Social practice, social activities, and various student club activities within schools constitute a second classroom for students. Making good use of this classroom, fully utilizing the educational functions of public cultural facilities, revolutionary resources, and cultural relics, and enhancing the overall effectiveness of social education, while strengthening labour education and social practice, will help young people cultivate affection for the people, responsibility towards society, and loyalty to the country.
Minors are the future of the nation and the hope of the people. By closely focusing on the fundamental task of cultivating virtue and nurturing talent, consistently using Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era to cultivate the minds and forge souls of the youth, and improving the collaborative education mechanism between schools, families, and society, we can form a powerful synergy to promote the healthy growth of minors and ensure that our cause continues to thrive through generations.”
青少年阶段是人生的“拔节孕穗期”，树立正确的世界观、人生观、价值观至关重要。帮助未成年人扣好人生第一粒扣子，一个重要方面就是健全学校家庭社会协同育人机制，促进从小就养成良好品行，为未成年人健康成长打牢基础。今年是中国人民抗日战争暨世界反法西斯战争胜利80周年，以“铭记与奋斗”为主题的《开学第一课》，运用现代科技手段将波澜壮阔的抗战历史展现在观众眼前，让师生们接受了一次深刻的精神洗礼。“我要努力学习知识，遇到困难不退缩，像抗战英雄们一样勇敢坚强。”这是一名六年级学生的感言。融合了历史厚重感与科技时代感，适应了数字化、网络化、智能化发展趋势，开学第一课成为思想政治教育的有效载体。这启示我们，加强和改进未成年人思想道德建设必须落实学校育人主体责任，坚持思政课程和课程思政同向同行，把德育放在更加重要的位置，努力做到每一堂课不仅传播知识还传授美德，让社会主义核心价值观的种子在学生们心中生根发芽。教师承载着传播知识、传播思想、传播真理，塑造灵魂、塑造生命、塑造新人的时代重任，更要有信仰、有情怀，有堂堂正正的人格，自觉做为学为人的表率。开展深入贯彻中央八项规定精神学习教育期间，有这样一个初中生的故事引发热议。妈妈出差了，从外地来过节的姥姥开门接过快递，看到是一盒月饼就要拆开给外孙女吃。她立即劝阻，妈妈说有八项规定，她不在家时不能拆陌生人寄来的快递，等妈妈回来后让她自己处理。从中，我们既能看到中央八项规定化风成俗的力量，也能体会到家长言传身教的重要意义。习近平总书记指出，“家庭是人生的第一所学校，家长是孩子的第一任老师，要给孩子讲好‘人生第一课’”。孩子们从牙牙学语起就开始接受家教，有什么样的家教，就有什么样的人。家长特别是父母对子女的影响很大，往往可以影响一个人的一生。作为父母，把美好的道德观念从小就传递给孩子，用正确理念、方法、行为教育子女，传承中华民族传统家庭美德，培育家庭和睦、家教良好、家风端正的家庭文化，才能发挥家庭育人基础作用，让孩子从小形成良好的行为习惯和品德修养。去陕西延安参观杨家岭、枣园等革命旧址，不少人对一批平均年龄10岁左右的“小小讲解员”印象深刻。他们通过“讲、唱、跳”等形式，讲解红色故事，成为传播延安精神的一道亮丽风景，展现着新时代少年的责任与担当。社会实践、社会活动以及校内各类学生社团活动是学生的第二课堂。运用好这个课堂，充分发挥公共文化设施、红色资源、文物资源育人功能，提升社会育人综合实效，加强劳动教育和社会实践，有助于广大青少年树立对人民的感情、对社会的责任、对国家的忠诚。未成年人是国家的未来、民族的希望。紧紧围绕立德树人根本任务，持之以恒用习近平新时代中国特色社会主义思想培根铸魂，健全学校家庭社会协同育人机制，形成共促未成年人健康成长的强大合力，定能推动我们的事业在薪火相传中谱写新篇.
Next, there’s a report informing that the Standing Committee of the 14th NPC will hold its 19th session in Beijing from December 22 to 27. The agenda includes the review of:
the draft Ecological Environment Law
the draft Law on Promoting National Unity and Progress
the draft National Development Planning Law
the draft revised Fisheries Law
the draft Hazardous Chemicals Safety Law
the draft revised Civil Aviation Law
the draft revised National Standard Language and Script Law
the draft revised Foreign Trade Law
the proposal from the Chairman’s Council requesting deliberation on the draft State-owned Assets Law
the proposal from the Education, Science, Culture and Health Committee of the NPC requesting deliberation on the draft Childcare Services Law
the proposal from the Environmental Protection and Resources Conservation Committee of the NPC requesting deliberation on the draft Law on Activities and Environmental Protection in Antarctica
the proposals from the State Council requesting deliberation on the draft revised Banking Supervision and Management Law and the draft revised Trademark Law
Items for deliberation include:
State Council’s report on the rectification status of problems identified through the audit of the implementation of the central budget for the 2024 fiscal year and other fiscal revenues and expenditures.
The report on the allocation and use of fiscal funds for higher education.
The report on the status of efforts to promote the transformation of scientific and technological achievements.
The report on the status of work on establishing and improving institutional mechanisms for integrated urban–rural development.
The report on the status of work on safeguarding the rights and interests of workers in flexible employment and new forms of employment.
The report of the NPC Standing Committee’s law-enforcement inspection group on the inspection of the implementation of the Energy Conservation Law.
The report on the inspection of the implementation of the Circular Economy Promotion Law.
Reports, respectively submitted by the Ethnic Affairs Committee, the Constitution and Law Committee, the Education, Science, Culture and Public Health Committee, the Foreign Affairs Committee, and the Agriculture and Rural Affairs Committee of the NPC, on the results of the deliberation of motions submitted by deputies and referred for deliberation by the Presidium of the Third Session of the 14th NPC
Reports, respectively, from the NPCSC Deputies Affairs Commission and the National Development and Reform Commission on the handling of deputies’ suggestions, criticisms, and opinions from the Third Session of the 14th National People’s Congress.
The report of the NPCSC’s Legislative Affairs Commission on the status of record-filing and review work in 2025.
The report of the Budgetary Affairs Commission on the status of record-filing and review of fiscal budget matters in 2025.
The report of the Legislative Affairs Commission on the status of law-clearing work and proposed handling opinions.
The written report on Chairman Zhao Leji’s visits to New Zealand and Australia.
The report of the NPC Standing Committee’s Credentials Examination Committee concerning the qualifications of individual deputies.
The motion submitted by the Central Military Commission, requesting deliberation and approval of additional members to the Election Committee of the Chinese People’s Liberation Army.
Moving on, there’s a report on Ding Xuexiang and Singaporean Deputy Prime Minister Gan Kim Yong co-chairing the 21st meeting of the China-Singapore Joint Council for Bilateral Cooperation, the 26th meeting of the China-Singapore Suzhou Industrial Park Joint Steering Council, the 17th meeting of the China-Singapore Tianjin Eco-City Joint Steering Council, and the ninth meeting of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Joint Steering Council. Xinhua reports:
“During the meetings, the two sides exchanged in-depth views on the high-quality joint construction of the Belt and Road Initiative, national-level bilateral cooperation projects, and cooperation in areas such as the economy, trade, sustainable development, innovation, finance, public health and people-to-people and cultural exchanges. The two sides agreed to enhance development strategy alignment and identify more shared interests and areas for cooperation, leverage policy resources to upgrade major projects, and cultivate new quality productive forces to deliver landmark outcomes. They also committed to safeguarding the multilateral trading system to promote their own development in an improved manner, as well as regional prosperity and stability. Ding, who is a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, met with Gan prior to the four bilateral meetings. Ding said that the long-standing, stable development of China-Singapore relations is attributable to the strategic guidance of the leaders of the two countries and their commitment to the correct political direction. Both sides should continue to enhance mutual trust, respect each other’s core interests, and ensure the steady, sustained growth of friendly relations and mutually beneficial cooperation between China and Singapore, Ding said.”
Finally, there’s a report on the latest economic data from the NBS. Information from the NBS’ readout says:
In November, the value added of industrial enterprises above designated size nationwide grew by 4.8% year on year, and 0.44% month on month. By the three major sectors, the value added of mining grew 6.3% year on year, manufacturing grew 4.6%, and electricity, heat, gas and water production and supply grew 4.3%.
The value added of equipment manufacturing increased by 7.7% year-on-year, and that of high-tech manufacturing increased by 8.4%, 2.9 and 3.6 percentage points faster than the overall value added of industrial enterprises above designated size, respectively.
By economic type, the value added of state-controlled enterprises increased by 4.2% year-on-year; joint-stock enterprises increased by 5.2%, foreign-invested and Hong Kong, Macao and Taiwan-invested enterprises increased by 3.4%; and private enterprises increased by 3.2%.
By product, output of 3D-printing equipment, industrial robots, and new-energy vehicles grew 100.5%, 20.6%, and 17.0% year on year, respectively. From January to November, the value added of industrial enterprises above designated size nationwide grew 6.0% year on year.
In November, the manufacturing purchasing managers’ index (PMI) was 49.2%, up 0.2 percentage points from the previous month; the enterprise production and business activity expectation index was 53.1%, up 0.3 percentage points. From January to October, industrial enterprises above designated size nationwide realized total profits of 5.9503 trillion yuan, a year-on-year increase of 1.9%.
11月份，全国规模以上工业增加值同比增长4.8%，环比增长0.44%。分三大门类看，采矿业增加值同比增长6.3%，制造业增长4.6%，电力、热力、燃气及水生产和供应业增长4.3%。装备制造业增加值同比增长7.7%，高技术制造业增加值增长8.4%，分别快于全部规模以上工业增加值2.9和3.6个百分点。分经济类型看，国有控股企业增加值同比增长4.2%；股份制企业增长5.2%，外商及港澳台投资企业增长3.4%；私营企业增长3.2%。分产品看，3D打印设备、工业机器人、新能源汽车产品产量同比分别增长100.5%、20.6%、17.0%。1-11月份，全国规模以上工业增加值同比增长6.0%。11月份，制造业采购经理指数为49.2%，比上月上升0.2个百分点；企业生产经营活动预期指数为53.1%，上升0.3个百分点。1-10月份，全国规模以上工业企业实现利润总额59503亿元，同比增长1.9%.
In November, the service sector production index nationwide grew 4.2% year on year. By industry, the production indices of information transmission, software and information technology services, leasing and business services, and the financial sector grew 12.9%, 8.4%, and 5.1% year on year, respectively. This was 8.7, 4.2, and 0.9 percentage points faster than the overall service sector production index.
From January to November, the service sector production index nationwide grew 5.6% year on year.
From January to October, operating revenue of service enterprises above designated size grew 7.6% year on year.
In November, the business activity index of the service sector was 49.5%, and the business activity expectation index was 55.9%. Among them, industries such as railway transport, telecommunications, radio and television and satellite transmission services, and monetary and financial services recorded business activity indices above 55.0%, in a relatively high prosperity range.
11月份，全国服务业生产指数同比增长4.2%。分行业看，信息传输、软件和信息技术服务业，租赁和商务服务业，金融业生产指数同比分别增长12.9%、8.4%、5.1%，分别快于服务业生产指数8.7、4.2、0.9个百分点。1-11月份，全国服务业生产指数同比增长5.6%。1-10月份，规模以上服务业企业营业收入同比增长7.6%。11月份，服务业商务活动指数为49.5%，服务业业务活动预期指数为55.9%。其中，铁路运输、电信广播电视及卫星传输服务、货币金融服务等行业商务活动指数位于55.0%以上较高景气区间.
In November, total retail sales of consumer goods reached 4.3898 trillion yuan, up 1.3% year on year, and down 0.42% month on month. From January to November, total retail sales of consumer goods reached 45.6067 trillion yuan, up 4.0% year on year.
From January to November, national fixed-asset investment (excluding rural households) totaled 44.4035 trillion yuan, down 2.6% year on year; excluding real estate development investment, fixed-asset investment grew 0.8%. By sector, infrastructure investment declined 1.1% year on year, manufacturing investment grew 1.9%, and real estate development investment declined 15.9%. Nationwide, sales area of newly built commercial housing was 787.02 million square meters, down 7.8% year on year; sales value was 7.5130 trillion yuan, down 11.1%. By industry, primary industry investment grew 2.7% year on year, secondary industry investment grew 3.9%, and tertiary industry investment declined 6.3%. Private investment declined 5.3% year on year; excluding real estate development investment, private investment declined 0.7%. Within high-tech industries, investment in information services and aircraft, spacecraft and equipment manufacturing grew 29.6% and 19.7% year on year, respectively. In November, fixed-asset investment (excluding rural households) declined 1.03% month on month.
From January to November, the average national urban surveyed unemployment rate was 5.2%. In November, the national urban surveyed unemployment rate was 5.1%, unchanged from the previous month. The surveyed unemployment rate of local registered labour was 5.3%; that of migrant labor was 4.7%, including 4.4% for migrant agricultural registered labor. The urban surveyed unemployment rate in 31 large cities was 5.1%, unchanged from the previous month.
In November, the CPI rose 0.7% year on year, with the increase 0.5 percentage points larger than the previous month; it fell 0.1% month on month.
In November, the national producer price index (PPI) for industrial products ex-factory fell 2.2% year on year and rose 0.1% month on month; the PPI for industrial producer purchase prices fell 2.5% year on year and rose 0.1% month on month. From January to November, ex-factory prices and purchase prices of industrial producers fell 2.7% and 3.1% year on year, respectively.
In November, total imports and exports of goods amounted to 3.8987 trillion yuan, up 4.1% year on year, 4.0 percentage points faster than the previous month. Of this, exports were 2.3456 trillion yuan, up 5.7%; imports were 1.553 trillion yuan, up 1.7%. From January to November, total imports and exports of goods reached 41.2076 trillion yuan, up 3.6% year on year. Of this, exports were 24.4579 trillion yuan, up 6.2%; imports were 16.7498 trillion yuan, up 0.2%.
Page 2: There’s a report informing that the General Office of the State Council and the General Office of the Central Military Commission have issued the Regulations on Military Service Registration Work, which shall come into force on January 1, 2026.
The Regulations on Military Service Registration Work adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, thoroughly implement Xi Jinping Thought on Strengthening the Military, focus on promoting the effective implementation of the Military Service Law of the People’s Republic of China, and are aimed at building a new-era military service registration system and mechanisms that are procedurally standardized, with clearly defined responsibilities and powers, and convenient and efficient. They further refine and clarify matters such as the subjects, timing, content, methods, and relevant requirements for initial military service registration and reserve registration, providing strong support for effectively ensuring that citizens lawfully perform their military service obligations and for the orderly and standardized conduct of military service registration work. 《兵役登记工作规定》坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻习近平强军思想，着眼推动《中华人民共和国兵役法》落地运行，着力构建程序规范、责权明晰、便捷高效的新时代兵役登记制度机制，对初次兵役登记和预备役登记的对象、时机、内容、方法和有关要求等进行细化明确，为有效保证公民依法履行兵役义务、有序规范兵役登记工作开展提供有力支撑.
The issuance and implementation of the Regulations on Military Service Registration Work constitute an important outcome of military service system reform and are of great significance for properly carrying out work such as the recruitment of military personnel.
Page 3: There’s a report on Wang Yi’s meeting with King Abdullah II of Jordan. Xinhua says:
Wang Yi said that “China will remain Jordan’s most reliable strategic partner in its development and revitalization process…”
“During the meeting, the Jordanian king said he has visited China many times since his youth and developed a deep affection for China, noting that he cherishes his profound friendship with Chinese President Xi Jinping. Jordan attaches great importance to developing ties with China and looks forward to working with China to further strengthen high-level exchanges, advance practical cooperation, enhance communication and coordination in global and regional affairs, and jointly address the turbulent global landscape, particularly the Middle East turmoil, he said. Jordan backs China’s efforts to host the second China-Arab States Summit next year, and is willing to make every effort in the preparatory work to ensure that the summit becomes a new opportunity for deepening strong Arab-China relations, he added. Wang said that under the strategic guidance of the two heads of state, bilateral relations have maintained healthy and stable development. Noting that this year marks the 10th anniversary of the establishment of the China-Jordan strategic partnership, Wang said China stands ready to strengthen communication and coordination with Jordan, implement the important consensus reached by the two heads of state, and chart the course for the sound development of the bilateral strategic partnership in the next decade. Wang invited the king to visit China for the second China-Arab States Summit, so as to work with China to elevate China-Arab cooperation to new levels. Under the king’s leadership, Jordan, as a stabilizing force in the region, has upheld principles, promoted fairness and justice, and played a unique and positive role in advancing regional peace, Wang said. China is a responsible major country that always upholds the principle of equality among countries regardless of size, adheres to non-interference in other countries’ internal affairs, supports all countries in pursuing development paths suited to their own national conditions, and never imposes its will on others, Wang noted. China will always stand with the Global South and with small and medium-sized countries, firmly safeguarding the common interests of developing countries, he added. The two sides also had an in-depth exchange of views on the situation in the Middle East.”
Xinhua’s report on Wang’s meeting with Jordanian Deputy Prime Minister and Foreign Minister Ayman Safadi says:
Wang said that “under the strategic guidance of Chinese President Xi Jinping and Jordanian King Abdullah II, bilateral ties have developed healthily and steadily, bilateral cooperation in various fields has achieved fruitful results, and the connotation of the strategic partnership has been continuously enriched. China supports Jordan in safeguarding its national sovereignty, territorial integrity and national dignity, in playing a unique and important role in regional and global affairs, and in pursuing a path of national revitalization that brings prosperity to the country and well-being to its people, Wang said. China will remain a trustworthy and reliable friend and partner of Jordan, Wang said, noting that under the new circumstances, both sides should jointly implement the important consensus reached by the two heads of state and elevate bilateral relations to new levels. Wang said China is willing to maintain close high-level exchanges with the Jordanian side, enhance communication between the diplomatic departments of the two countries, and jointly plan exchanges and cooperation in various fields. The Chinese side welcomes Jordanian leaders to attend the second China-Arab States Summit to be held in China in 2026, Wang said. Highlighting the smooth progress of bilateral practical cooperation, Wang said China is willing to continue its support within its capacity for Jordan’s economic and social development, import more high-quality Jordanian products, and encourage Chinese enterprises to invest and start businesses in Jordan. The two sides can also explore cooperation in emerging fields such as photovoltaics, science and technology, and artificial intelligence, further deepen exchanges in culture, tourism, education, and civil aviation, and promote mutual understanding among peoples from both countries.”
“Wang noted that the current situation in the Middle East is complex and severe, with various conflicts intertwined. Whether the region escalates into further confrontation or moves toward peaceful negotiations tests the choices and responsibilities of all parties, he said, adding that achieving regional peace and stability is in the interests of all regional countries and is what the people genuinely hope for. Jordan is a stabilizing force in the Middle East, and plays a positive and constructive role on hot-spot issues such as the Palestinian issue, Wang said, noting that China is willing to enhance communication and coordination with Jordan to jointly maintain regional peace, stability and development.”
Among other things, Safadi reportedly said that “the Jordanian side has always regarded China as a great friend and strategic partner, and highly appreciates China’s increasingly important role as a major country in international and regional affairs. Jordan firmly adheres to the one-China principle, which is a solemn political commitment that will never change.”
A joint statement was also issued. Key excerpts:
“The two sides discussed deepening cooperation in traditional areas such as trade and economy, infrastructure, energy, defense, transportation, and the judiciary sector, as well as exploring potential cooperation in new areas including scientific and technological innovation, communication technology, digital economy, artificial intelligence, and green energy. They also agreed to expand cooperation and exchanges in culture, tourism, media, education and student exchanges, and think tanks. In addition, the two sides talked about measures to facilitate personnel exchanges between the two countries.
The Jordanian side reiterated its adherence to the one-China principle, emphasizing that the government of the People’s Republic of China is the sole legal government representing the whole of China, and that Taiwan is an inalienable part of China’s territory.
The two sides discussed the regional situation, including the developments in the Gaza Strip and the West Bank. They emphasized the need to achieve a comprehensive and lasting ceasefire in Gaza and to ensure urgent, immediate, and sustainable access to aid to address the humanitarian crisis.
Both sides stressed that the implementation of the Gaza ceasefire agreement should be combined with genuine political efforts aimed at establishing a sovereign and independent Palestinian state based on the June 4, 1967 borders and with East Jerusalem as its capital in accordance with relevant UN resolutions.
Jordan highly appreciates President Xi’s initiatives and proposals for resolving the Palestinian issue as well as his announcement of a new batch of aid to Palestine. China appreciates Jordan’s efforts to promote regional security and stability, as well as its significant contributions to facilitating humanitarian aid in Gaza, and affirms the importance of the Hashemite Custodianship over Jerusalem’s Muslim and Christian holy sites.”
Also on the page is an article bylined Jīn Xuān, arguing that PM Takaichi’s remarks on Taiwan are hurting the Japanese economy. This is quite the direct threat of China imposing long-term economic costs on Japan. The author argues:
China and Japan are close neighbours separated only by a narrow strip of water. The economic interests and supply chains of both countries are deeply intertwined, playing a positive role in promoting peace, development, prosperity, and stability in both countries and the region. However, recent erroneous remarks by the current Japanese leader regarding Taiwan constitute blatant interference in China’s internal affairs, undermining the political foundation of China-Japan relations. The nature of these actions is extremely egregious and the impact extremely serious, further exacerbating the already weak Japanese economy. 中日两国一衣带水，互为重要近邻。中日经济利益和产业链供应链深度交融，为促进两国及地区和平、发展、繁荣、稳定发挥了积极作用。然而，近期日本现职领导人公然发表涉台错误言论，粗暴干涉中国内政，破坏中日关系政治根基，性质极其恶劣，影响极其严重，令原本疲弱的日本经济雪上加霜.
Structural contradictions coupled with short-term shocks have left the Japanese economy facing both internal and external difficulties. Japan’s economic recovery path is already difficult and fragile, with deep-seated problems such as weak domestic demand, lack of innovation, and an aging and declining population, which are proving difficult to resolve. Government debt is approximately 2.5 times its GDP, consistently ranking among the highest of major economies, squeezing macroeconomic policy space. Affected by the impact of tariffs, Japan’s constant-price GDP decreased by 2.3% year-on-year in the third quarter of 2025, once again flashing a ‘red light’. The erroneous remarks by the current Japanese leader have heightened tensions in China-Japan relations, further exacerbating pessimistic expectations regarding the Japanese economy. Institutional forecasts suggest that the impact on the tourism industry alone will lead to economic losses of approximately 2.2 trillion yen (approximately $14.2 billion) and a 0.36% reduction in GDP over the next year. The market is not convinced by the Japanese cabinet’s approval of a 21.3 trillion yen (approximately $137.4 billion) economic stimulus package. Japanese government bond yields have repeatedly hit new highs, the yen exchange rate has fallen significantly, and the Nikkei 225 index at one point erased all gains since the new prime minister took office. The “’triple whammy’ in the stock, bond, and currency markets has fueled expectations of a ‘sell-off of Japan’. Economic slowdown coupled with political distrust has led investors to ‘vote with their feet’, expressing their pessimistic outlook on the Japanese economy. 结构矛盾叠加短期冲击令日本经济内外交困。日本经济复苏之路本就艰难脆弱，内需疲软、创新乏力、老龄化少子化等深层问题难以破解；政府债务规模高达国内生产总值（GDP）的2.5倍左右、常年居主要经济体首位，挤压宏观政策空间；受关税冲击影响，2025年三季度日本不变价GDP环比折年下降2.3%，再度亮起“红灯”。日本现职领导人错误言论引发中日关系紧张，更是加剧各方面对日本经济悲观预期。机构预测，仅旅游业所受影响就将导致日本未来一年经济损失约2.2万亿日元（约合142亿美元）、GDP减少0.36%。对于日本内阁批准21.3万亿日元（约合1374亿美元）的经济刺激方案，市场并不认可，日本国债收益率屡创新高、日元汇率明显走低、日经225指数一度抹去新任首相上任以来的全部涨幅，股市、债市、汇市“三杀”局面令“抛售日本”预期升温。经济失速叠加政治失信，投资者“用脚投票”表达对日本经济的悲观预期.
China holds irreplaceable importance for Japan’s economy. As the world’s second-largest economy and a major driving force of global growth, China’s rapid development constitutes an important opportunity for Japan. China is Japan’s largest trading partner, its second-largest export destination, and its largest source of imports; in 2024, total China–Japan trade reached $308.3 billion. Numerous Japanese companies have long been deeply rooted in China, with over 50,000 Japanese-invested enterprises established in China and cumulative investment exceeding US$130 billion. In the first three quarters of 2025, actual Japanese investment in China increased by 55.5% year-on-year. Exchanges between China and Japan across various fields are frequent. In the first 10 months of 2025, about 8.2 million visitors from the Chinese mainland traveled to Japan, with their consumption accounting for about one quarter of total foreign visitor spending, creating a large number of jobs and economic benefits for Japan. The favourable situation of China–Japan economic cooperation cannot be separated from the joint efforts of the peoples of the two countries, nor from political mutual trust between the two governments. The erroneous remarks by Japan’s current leader seriously violate the one-China principle and the spirit of the four China–Japan political documents, seriously hurt the feelings of the Chinese people, and fundamentally damaged the political foundation of China–Japan relations. The Chinese people cherish peace, value benevolence and good-neighbourliness, and pursue win–win cooperation rather than zero-sum games; but on major matters of principle involving national sovereignty and territorial integrity, there will be no compromise or retreat whatsoever. The two countries differ markedly in population size, economic scale, industrial structure, and market size; if fluctuations intensify across such massive volumes of trade, investment, and consumption, the impacts will be asymmetrical. In Japan’s difficult process of economic recovery, if, because of a small handful of right-wing politicians trapped by short-sighted politics and indifferent to national interests and people’s well-being, Japan ignores these realities, it may truly sink into becoming a ‘loser’ on the global economic map. 中国对日本经济具有不可替代的重要意义。作为全球第二大经济体、世界经济主要动力源，中国的快速发展是日本的重要机遇。中国是日本最大的贸易伙伴，是第二大出口对象国和最大进口来源国，2024年中日贸易总额3083亿美元；大量日本企业长期深耕中国，日本累计在华设立企业5万多家，累计对华投资1300多亿美元，2025年前三季度日本实际对华投资同比增长55.5%；中日间各领域往来频繁，2025年前10个月中国大陆访日游客约820万人次，消费额占外国游客消费总额约1/4，为日本创造了大量就业岗位和经济效益。中日之间经济合作良好局面，离不开两国人民的共同努力，离不开两国政府的政治互信。日本现职领导人的错误言论严重违背一个中国原则和中日四个政治文件精神，严重伤害中国人民感情，从根本上损害中日关系政治基础。中国人民爱好和平、亲仁善邻，追求合作共赢、不搞零和博弈，但在事关国家主权和领土完整的大是大非问题上，绝不会有任何妥协退让。中日两国人口总量、经济体量、产业结构、市场规模等差异显著，如此庞大的贸易、投资、消费体量如果波动加剧，影响也将是非对称性的。在日本经济艰难复苏进程中，若因一小撮右翼政客困于短视政治、置国家利益和民生福祉于不顾，日本或将真正沦为全球经济版图中的“失落者”.
Win–win cooperation is the right path of history, but the political foundation must not be damaged or shaken. China’s development is an opportunity for the world, and all the more so for neighbouring countries such as Japan. China’s 15th FYP development blueprint has already been drawn, and the continuously growing Chinese economy has opened up broad prospects for China-Japan cooperation. But this must be built on a solid and stable political foundation We solemnly demand that Japan honour its commitments, learn from history, abide by the spirit of the four political documents between China and Japan and the commitments made so far, safeguard the political foundation of bilateral relations, and prevent extreme and erroneous words and actions from hijacking and damaging bilateral economic relations. We seriously urge the Japanese side to pull back from the brink, admit mistakes and correct course, in order to cherish the hard work and efforts invested by the older generation of politicians and people from all walks of life in developing China–Japan relations, face history and look to the future, establish a correct understanding of China, and return to the correct track of peaceful coexistence and cooperative development, injecting certainty and providing positive energy to a turbulent world. 合作共赢是历史正道，但政治基础不容损害动摇。中国的发展是世界的机遇，对日本等周边邻国更是如此。中国“十五五”发展蓝图已经绘就，不断壮大的中国经济为中日合作开拓了广阔空间，但必须建立在坚实稳定的政治基础上。我们严正要求日方重信守诺、以史为鉴，恪守中日四个政治文件精神和迄今承诺，维护好两国关系政治基础，避免极端错误言行绑架和损害两国经济关系。我们严肃敦促日方悬崖勒马、认错纠偏，珍视两国老一辈政治家和各界人士为发展中日关系倾注的心血和努力，正视历史、面向未来，树立正确对华认知，回到和平共处、合作发展的正确轨道上来，为动荡世界注入确定性、提供正能量！
Page 4: A lot of this page is dedicated to reactions to the conviction of Jimmy Lai in Hong Kong. Lai was found guilty on two charges of conspiring to collude with external forces and a charge of conspiracy to publish seditious materials, according to the verdict handed down by the High Court of the HKSAR on Monday. The page carries statements from different central bodies, supporting the verdict.
Page 6: There’s a report informing that during the 14th Five-Year Plan period, CHina’s 6G development evolved wherein the vision and requirements were clearly defined, technological breakthroughs began to show results, and standards research was fully launched. During the 15th FYP period, the focus will be on standards development and industrial research and development, with commercial applications expected to begin around 2030. By 2035, large-scale commercial deployment will be achieved, potentially fostering a trillion-yuan-level 6G industry and application market.
Page 13: There’s an article by Minister of Housing and Urban–Rural Development Ni Hong on the high-quality development of the real estate sector.
In the first section he talks about the importance of promoting high-quality development of the real estate sector. In this regard, he makes three points:
First, promoting high-quality development of the real estate sector is an objective requirement to meet people’s aspirations for a better life. Secure housing is the foundation of people’s happy lives. Since the 18th Party Congress, China’s real estate market has developed rapidly, and residents’ housing conditions have improved significantly. Per capita urban residential floor area has exceeded 40 square meters, and average housing ownership per household has exceeded 1.1 units. China has built the world’s largest urban housing security system, constructing more than 68 million units of various types of government-subsidized housing and shantytown renovation resettlement housing constructed, helping 170 million people realize their dream of secure housing. At present, the people’s housing demand has, on the whole, shifted from ‘whether there is housing’ to ‘whether the housing is good’. Moreover, with aging, low fertility, differentiated increases and decreases in regional populations, and changes in people’s modes of production and life, housing demand has become more personalized and diversified. It is necessary to follow the people’s new expectations for a better residential life, continuously improve the housing supply system, build ‘good houses’, develop good products, and provide good services, and effectively enhance the people’s sense of gain, happiness, and security. （一）推动房地产高质量发展是满足人民美好生活向往的客观需要。安居是人民群众幸福生活的基点。党的十八大以来，我国房地产市场快速发展，居民住房条件显著改善，城镇人均住房建筑面积超过40平方米，户均住房超过1.1套。建成世界规模最大的城镇住房保障体系，建设各类保障性住房和棚改安置住房6800多万套，帮助1.7亿群众喜圆安居梦。当前，人民群众住房需求总体上已经从“有没有”转为“好不好”，而且，随着老龄化、少子化、区域人口增减分化，人们的生产生活方式变化，住房需求更加个性化、多样化。必须顺应人民群众对美好居住生活的新期待，不断完善住房供应体系，建设“好房子”、开发好产品、提供好服务，切实增强人民群众获得感、幸福感、安全感.
Promoting high-quality development of the real estate sector is an objective necessity for advancing the construction of Chinese-style modernization. The current and future period is a critical period for comprehensively promoting the building of a strong country and the great rejuvenation of the Chinese nation through Chinese-style modernization. Achieving high-quality development is an essential requirement of Chinese modernization. The real estate industry has a long industrial chain and high interconnectedness. After more than 20 years of rapid development, it has strongly supported China’s urbanization and economic and social development. In 2024, the combined value added of the real estate and construction industries accounted for 13% of GDP. In the long run, China’s real estate development still has considerable potential and space. Promoting the shift of the real estate sector from a stage of high-speed growth to a stage of high-quality development, guiding real estate enterprises to move from pursuing scale expansion to focusing on improving product quality and services, and maintaining a basic balance between supply and demand in the real estate market, a basically reasonable structure, and basically stable prices are conducive to promoting effective improvement in quality and reasonable growth in quantity of China’s economy. （二）推动房地产高质量发展是推进中国式现代化建设的客观需要。当前和今后一个时期，是以中国式现代化全面推进强国建设、民族复兴伟业的关键时期。实现高质量发展，是中国式现代化的本质要求。房地产产业链条长、关联度高，经过20多年快速发展，有力支撑了我国城镇化和经济社会发展。2024年房地产业和建筑业增加值占国内生产总值的比重合计达13%。长远看，我国房地产发展仍有较大潜力和空间。推动房地产业从高速增长阶段转向高质量发展阶段，推动房地产企业从追求规模扩张转为注重提升产品品质和服务，保持房地产市场供需基本平衡、结构基本合理、价格基本稳定，有利于促进我国经济实现质的有效提升和量的合理增长.
Promoting high-quality development of the real estate sector is an objective necessity for promoting the transformation and development of the real estate industry. Many of the institutions and systems in China’s real estate sector were designed to expand supply and address housing shortages. While supporting the rapid growth of the real estate industry, the rapid expansion of capital has led to a ‘high debt, high leverage, and high turnover’ model, whose drawbacks are becoming increasingly prominent and are no longer sustainable. Currently, China’s urbanization is shifting from a period of rapid development to one of stable development, and urban development is moving from a stage of large-scale expansion to one primarily focused on improving quality and efficiency within existing structures. The supply and demand dynamics of the real estate market are undergoing significant changes. It is imperative to adapt to these new stages and changes, accelerate the construction of a new model for real estate development, deepen reforms in supply structure, business models, and regulatory methods, innovate development models and approaches, effectively prevent and mitigate risks, and accelerate the transformation and upgrading of the real estate industry. （三）推动房地产高质量发展是促进房地产业转型发展的客观需要。我国房地产领域很多制度是为了扩大供应规模、解决住房短缺问题，在支撑房地产业快速增长的同时，由于资本迅速扩张，推动形成了“高负债、高杠杆、高周转”模式，其弊端日益凸显，已经难以为继。当前，我国城镇化正从快速发展期转向稳定发展期，城市发展正从大规模增量扩张阶段转向存量提质增效为主的阶段，房地产市场供求关系发生重大变化。必须适应新阶段新变化，加快构建房地产发展新模式，深化供给结构、经营方式、监管方式改革，创新发展模式和方法，有力有效防范化解风险，加快推动房地产业转型升级.
In the second section, Ni outlines the overall requirements for promoting high-quality development of the real estate sector. He makes four points:
First, anchoring the main goals of promoting high-quality development of the real estate sector. Accelerate the construction of a new model for real estate development, establish a housing supply system that better meets rigid and improvement-oriented housing demand, and improve the housing system with multiple supply sources, multiple channels of support, and a combination of renting and buying. Promote significant improvements in housing quality, effective control of risks and potential problems, and noticeable achievements in enterprise transformation. Promote a sound real estate supply system, rational allocation of resources, standardised regulatory systems, and stable industry operations, continuously advancing high-quality development of the real estate sector through high-quality supply, high-efficiency guarantees, and high-level operation. （一）锚定推动房地产高质量发展的主要目标。加快构建房地产发展新模式，建立更好满足刚性和改善性住房需求的住房供应体系，健全多主体供给、多渠道保障、租购并举的住房制度，推动住房品质显著提升、风险隐患有效防控、企业转型成效明显，推动房地产供应体系健全、要素配置合理、监管制度规范、行业经营稳健，以高品质供给、高效率保障、高水平运行持续推进房地产高质量发展.
Second, properly handle the main relationships in promoting high-quality development of the real estate sector. First, the relationship between the long term and the short term. It is necessary both to focus on the long term, prudently advance reform of basic real estate institutions, and build institutional mechanisms and policy and regulatory systems suited to promoting high-quality development of the real estate sector. At the same time, we must focus on the present, implement existing policies and measures, and strive to consolidate the stabilization and recovery of the real estate market. Second, the relationship between top-level design and city-specific policies. We must resolutely implement the important deployments of the Central Committee of the Communist Party of China regarding promoting high-quality development of the real estate sector. Simultaneously, based on the actual conditions of each region’s economic and social development level, real estate market situation, and changes in population size and structure, we must implement city-specific policies, precise policies, and tailored policies for each city. Third, the relationship between the market and guarantees. We must adhere to a combination of optimising market allocation and government guarantees, forming a supply structure where the two systems of guarantees and the market have clear positioning and complementary functions. Fourth, the relationship between increment and existing stock. We must adhere to reasonably controlling increments, optimizing and adjusting existing stock, and focusing on improving quality. Fifth, the relationship between promoting development and preventing risks. We must adhere to coordinating risk prevention, strengthened regulation, and innovative development models, continuously deepen reform to promote transformation, and establish long-term mechanisms for risk prevention and control. （二）处理好推动房地产高质量发展的主要关系。一是长期和短期的关系。既要着眼长远，稳妥推进房地产基础性制度改革，构建与推动房地产高质量发展相适应的体制机制和政策法规体系，也要立足当前，落实好已出台政策举措，着力巩固房地产市场止跌回稳态势。二是顶层设计和因城施策的关系。坚决落实党中央关于推动房地产高质量发展的重要部署，同时，从各地区经济社会发展水平、房地产市场状况、人口数量结构变化等实际出发，因城施策、精准施策、一城一策。三是市场和保障的关系。坚持优化市场配置和政府保障相结合，形成保障和市场两个体系定位清晰、功能互补的供应格局。四是增量和存量的关系。坚持合理控制增量、优化调整存量、着力提高质量。五是促发展和防风险的关系。坚持防范风险、强化监管和创新发展模式相协调，持续深化改革推动转型，建立风险防控长效机制.
Third, strengthening the foundational support for promoting high-quality development of the real estate sector. Strengthen legal support: benchmark against the objectives of promoting high-quality development of the real estate sector, comprehensively sort out outstanding problems and deep-seated contradictions in institutional mechanisms, and revise relevant laws and regulations. Strengthen standards support: strictly implement residential project norms, issue ‘good houses’ construction guidelines, support the formulation of local standards, group standards, and enterprise standards, and lead high-quality development with high standards. Strengthen technical support: carry out key scientific research projects in the real estate field, conduct forward-looking and exploratory R&D and application around improving housing quality, promote people-benefiting and practical technologies, and empower high-quality development of the real estate sector through science and technology. Strengthen talent support: enhance the cultivation and utilization of high-level talent, vigorously promote the craftsmanship spirit, and build a skilled talent workforce suited to the requirements of the new stage of housing development. （三）强化推动房地产高质量发展的基础支撑。强化法律支撑，对照推动房地产高质量发展目标，全面梳理存在的突出问题和体制机制方面的深层次矛盾，修订相关法律法规。强化标准支撑，严格执行住宅项目规范，出台“好房子”建设指南，支持制定地方标准、团体标准、企业标准，以高标准引领高质量发展。强化技术支撑，抓好房地产领域重点科研项目，围绕提升住房品质开展前瞻性、探索性技术研发应用，推广惠民实用技术，以科技赋能房地产高质量发展。强化人才支撑，加强高层次人才培养和使用，大力弘扬工匠精神，建设适应住房发展新阶段要求的技能人才队伍.
Fourth, establish and improve safeguard mechanisms to promote the high-quality development of the real estate sector. It is essential to uphold and strengthen the overall leadership of the Party, reinforce the leadership responsibilities of Party committees at all levels in promoting real estate work, with provincial-level authorities strengthening supervision and guidance, and city-level authorities assuming primary responsibility. Real estate work is a highly comprehensive, systematic, and complex undertaking, involving multiple stages such as development, construction, transactions, and use; multiple departments including housing and urban-rural development, development and reform, finance, natural resources, finance, and taxation; multiple stakeholders including the government, real estate enterprises, financial institutions, and homebuyers; and multiple factors such as population, land, and capital. Therefore, it is imperative to adhere to a systemic approach, effectively strengthen coordination among departments, optimize resource allocation according to assigned responsibilities, and improve management efficiency, thereby promoting the formation of a collaborative working mechanism among departments. （四）建立健全推动房地产高质量发展的保障机制。要坚持和加强党的全面领导，强化各级党委推进房地产工作的领导责任，省级加强监督指导，城市落实主体责任。房地产工作是一项综合性、系统性、复杂性很强的工作，涉及开发、建设、交易、使用等多个环节，住建、发改、财政、自然资源、金融、税收等多个部门，政府、房地产企业、金融机构、购房人等多方主体，人口、土地、资金等多个要素，必须坚持系统观念，切实加强部门间统筹协调，按照职责分工优化要素配置、提升管理效能，推动形成部门协同联动的工作机制.
In the final section, Ni outlines six key tasks:
First, optimise the supply of state-guaranteed/affordable housing. First, improve the multi-level housing state-guaranteed system that takes public rental housing, state-guaranteed rental housing, and distribution-and-sale–type state-guaranteed housing as its main components. Local governments should proceed from reality, adhering to the principles of doing their best within their means, combining monetary and in-kind assistance, and combining rental and sales options. They should determine construction and procurement based on needs, increasing the supply of state-guaranteed housing through various means to meet the basic housing needs of urban wage earners and various disadvantaged families. It is necessary to adhere to fairness, impartiality, and openness, continuously improve the management mechanisms for application, waiting, access, use, and exit of state-guaranteed housing, and strictly supervise their implementation, accelerate the establishment of a housing security waiting-list repository system, accurately link the needs of eligible recipients with the supply of state-guaranteed housing sources, enhancing its effectiveness. （一）优化保障性住房供给。完善以公租房、保障性租赁住房和配售型保障性住房为主的多层次住房保障体系。各地要从实际出发，坚持尽力而为、量力而行，坚持货币与实物相结合、配租与配售相结合，以需定建、以需定购，通过多种方式增加保障性住房供应，满足城镇工薪群体和各类困难家庭基本住房需求。要坚持公平、公正、公开，不断健全保障性住房申请、轮候、准入、使用、退出等管理机制并严格监督实施，加快建立住房保障轮候库制度，精准对接保障对象需求和保障房源供给，提升保障效能.
Second, promote the sustained and healthy development of the real estate market. Using the compilation and implementation of housing development plans and annual plans as a starting point, establish a linkage mechanism for ‘people, housing, land, and finance’ elements. Determine housing demand rationally based on population changes, scientifically arrange land supply, and guide the allocation of financial resources to achieve a system where housing is determined by population, land by housing, and finance by housing, promoting a balanced supply and demand and a rational structure in the real estate market. Adhere to city-specific policies, precise measures, and one policy for one city, fully grant city governments autonomy in real estate market regulation, and adjust and optimize real estate policies in light of local conditions. Regulate and develop the rental market, foster market-oriented and professionalized housing rental enterprises, improve industry regulation and service capacity, and lawfully safeguard the legitimate rights and interests of both parties to leasing. （二）促进房地产市场持续健康发展。以编制实施住房发展规划和年度计划为抓手，建立“人、房、地、钱”要素联动机制，根据人口变化合理确定住房需求，科学安排土地供应、引导配置金融资源，实现以人定房、以房定地、以房定钱，促进房地产市场供需平衡、结构合理。坚持因城施策、精准施策、一城一策，充分赋予城市政府房地产市场调控自主权，因地制宜调整优化房地产政策。规范发展租赁市场，培育市场化、专业化住房租赁企业，提高行业监管和服务能力，依法维护租赁双方合法权益.
Third, reform and improve the systems for real estate development, financing, and sales. In real estate development, solidly implement the project company system, whereby project companies lawfully exercise independent legal person rights and corporate headquarters fulfil investor responsibilities. Before project delivery, it is strictly prohibited for investors to illegally divert or misappropriate funds from project companies’ sales, financing, and other sources, and it is strictly prohibited to withdraw capital or distribute dividends in advance. In real estate financing, implement a lead bank system, under which one bank or a banking syndicate is designated as the lead bank for each project; funds for project development, construction, and sales are deposited with the lead bank, and the lead bank ensures the project company’s reasonable financing needs, forming a mechanism of shared benefits and shared risks between the lead bank and the project company. In commercial housing sales, advance the completed-housing sales system, achieving ‘what you see is what you get’, so as to fundamentally prevent delivery risks; where pre-sales continue to be implemented, regulate presale fund supervision and effectively safeguard the lawful rights and interests of homebuyers. （三）改革完善房地产开发、融资、销售制度。在房地产开发上，做实房地产开发项目公司制，项目公司依法行使独立法人权利，企业总部履行投资人责任，项目交付前，严禁投资人违规抽挪项目公司销售、融资等资金，严禁抽逃出资或提前分红。在房地产融资上，推行主办银行制，一个项目确定一家银行或银团为主办银行，项目开发、建设、销售等资金存入主办银行，主办银行保证项目公司合理融资需求，形成主办银行与项目公司利益共享、风险共担的机制。在商品房销售上，推进现房销售制，实现所见即所得，从根本上防范交付风险；继续实行预售的，规范预售资金监管，切实维护购房人合法权益.
Fourth, implement a housing quality improvement project. Construct safe, comfortable, green, and smart ‘good houses’, comprehensively improving housing standards, design, materials, construction, and operation and maintenance levels. Integrate the construction of ‘four good’ elements—good houses, good communities, good neighbourhoods, and good urban areas—in urban renewal, steadily advancing the renovation of urban villages and dilapidated housing, continuously improving the renovation of old urban residential areas, and making significant efforts to solve difficult problems such as elevator installation, parking, and charging facilities. Improve residents’ living conditions and environment, build safe, healthy, well-equipped, and well-managed communities, prevent safety risks, and create high-quality living spaces for the people.（四）实施房屋品质提升工程。建设安全舒适绿色智慧的“好房子”，全链条提升住房标准、设计、材料、建造、运维水平。在城市更新中一体推进好房子、好小区、好社区、好城区“四好”建设，稳步推进城中村和危旧房改造，持续抓好城镇老旧小区改造，下大力气解决好加装电梯、停车、充电等难题，改善群众居住条件和生活环境，建设安全健康、设施完善、管理有序的完整社区，防范安全风险，为人民群众打造高品质居住生活空间.
Fifth, implement an action plan to improve property management service quality. Strengthen Party building leadership and explore a new coordinated operating model for residents’ committees, owners’ committees, and property management companies under the leadership of community Party organizations. Strengthen self-regulation in the property management industry, standardize the behaviour of property management companies, improve the quality of property management services, enhance companies’ service awareness, and focus on resolving the ‘small but crucial issues’ that residents experience daily, thereby improving the quality of life. Expand the coverage of property management services, encourage qualified property management companies to extend their services to areas such as elderly care, childcare, domestic services, culture, and health, explore the ‘property management + life services’ model, and promote ‘property management services entering households’ to meet residents’ diverse and multi-level living needs. （五）实施物业服务质量提升行动。强化党建引领，探索社区党组织领导下的居委会、业委会、物业服务企业协调运行新模式。加强物业服务行业自律，规范物业服务企业行为，提升物业服务质量，增强企业服务意识，着力解决小区居民天天有感的“关键小事”，提升居住品质。扩大物业服务覆盖面，鼓励有条件的物业服务企业向养老、托幼、家政、文化、健康等领域延伸，探索“物业服务+生活服务”模式，推动“物业服务进家庭”，满足居民多样化多层次居住生活需求.
Sixth, establish a comprehensive safety management system for the entire life cycle of buildings. Proceeding from the reality that China has a large stock of existing housing and long construction timelines, accelerate the establishment of systems for housing safety inspections, housing safety management funds, and housing quality and safety insurance, and strengthen housing safety guarantees. The housing safety inspection system aims to promptly identify hidden safety risks. The housing safety management fund system aims to address funding for housing repair and maintenance. Housing safety management funds consist of individual accounts and public accounts: individual accounts refer to the special residential maintenance funds deposited by owners, with deposits carried out in accordance with existing regulations; public accounts, following the principles of ‘taken from housing and used for housing,’ ‘not increasing individual burdens and not diminishing individual rights and interests,’ are to be established by the government and financed through means such as fiscal budget arrangements and the pooling of land transfer proceeds. The housing quality and safety insurance system aims to enhance safety guarantee capacity through market-oriented approaches. （六）建立房屋全生命周期安全管理制度。从我国存量房屋规模大、建成时间长的实际出发，加快建立房屋安全体检、房屋安全管理资金和房屋质量安全保险制度，强化房屋安全保障。房屋安全体检制度旨在及时发现房屋安全风险隐患。房屋安全管理资金制度旨在解决房屋修缮资金问题。房屋安全管理资金由个人账户和公共账户组成，个人账户即业主交存的住宅专项维修资金，交存按现行规定执行；公共账户按照“取之于房、用之于房”、“不增加个人负担、不减损个人权益”的原则，由政府负责建立，通过财政预算安排、土地出让金归集等方式筹集。房屋质量安全保险制度旨在以市场化方式提高安全保障能力.