ID: 8418588
Dateline: March 5, 2025/File
Location: China;
Duration: 3’13
Source: China Central Television (CCTV)
Restrictions: No access Chinese mainland
Published: 2025-03-06 03:08
Last Modified: 2025-03-06 03:17
Shotlist
Beijing, China – March 5, 2025 (CCTV – No access Chinese mainland)
1. Press conference in progress
2. SOUNDBITE (Chinese) Chen Changsheng, deputy director, State Council Research Office (partially overlaid with shot 3):
“From a macro perspective, external uncertainties are clearly rising, and various trade and economic disputes are increasing. Domestically, there is significant pressure on overall demand, especially the issue of weak consumption, which is quite prominent. Therefore, there is a real need for macroeconomic policies to strengthen counter-cyclical adjustments. In terms of policy space, we are also in a favorable position. For example, China’s overall government debt ratio is around 70 percent, which is lower than that of other major economies, and especially the central government’s debt ratio is relatively low, providing considerable room for borrowing. On a global scale, monetary policies are generally loose, and China’s overall price level is relatively low, so there is also room for more flexible monetary policy.”
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3. Reporters
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4. Various of reporters
5. SOUNDBITE (Chinese) Chen Changsheng, deputy director, State Council Research Office (partially overlaid with shot 6):
“For example, it breaks the conventional notion that ‘consumption is a slow-moving variable’ by placing greater emphasis on boosting consumption and highlighting the need for interaction between consumption and investment. Another example is the increased focus on asset prices in macroeconomic regulation, with the stabilization of the real estate and stock markets explicitly included in the overall requirements — something that seasoned macroeconomic reporters may recognize as a first. Additionally, there is an emphasis on shifting policy resources from being predominantly invested in physical assets to being more focused on people and public well-being. These macroeconomic policy innovations aim to create a virtuous cycle between economic development and improving people’s livelihoods, thereby better promoting high-quality development while ensuring steady growth and employment.”
++SHOT OVERLAYING SOUNDBITE++
6. Press conference in progress
++SHOT OVERLAYING SOUNDBITE++
7. Press conference in progress
FILE: China – Exact Location and Date Unknown (CCTV – No access Chinese mainland)
8. Various of bank clerk putting Chinese banknotes into cash counting machine, banknotes going through counting machine
9. Customers in shopping mall
10. Various of housing models, home buyers
11. Various of clerks looking at stock market data on computer screens
FILE: Beijing, China – Date Unknown (CCTV – No access Chinese mainland)
12. Various of auto assembly line in operation
FILE: Shanghai, China – Date Unknown (CCTV – No access Chinese mainland)
13. Various of cityscape
Storyline
The “more proactive fiscal policy” and “appropriately accommodative monetary policy” outlined in this year’s government work report sends out a clear and strong signal regarding China’s macroeconomic policy for the year 2025, an official said on Wednesday.
China’s National People’s Congress (NPC) on Wednesday started its annual session, with a string of confidence-boosting development goals unveiled, including an economic growth target of around 5 percent for 2025.
Premier Li Qiang, while delivering the government work report, said the government should adopt a more proactive fiscal policy, making good use of revenues, bonds, and other fiscal funds to ensure that fiscal policies provide sustained and more effective support. He also underlined an appropriately accommodative monetary policy to ensure that increases in aggregate financing and money supply are in step with projected economic growth and CPI levels.
Chen Changsheng, deputy director of the State Council Research Office who participated in the drafting of the government work report, said China is in a favorable position to use policy instruments to promote structural adjustment and bolster economic growth.
“From a macro perspective, external uncertainties are clearly rising, and various trade and economic disputes are increasing. Domestically, there is significant pressure on overall demand, especially the issue of weak consumption, which is quite prominent. Therefore, there is a real need for macroeconomic policies to strengthen counter-cyclical adjustments. In terms of policy space, we are also in a favorable position. For example, China’s overall government debt ratio is around 70 percent, which is lower than that of other major economies, and especially the central government’s debt ratio is relatively low, providing considerable room for borrowing. On a global scale, monetary policies are generally loose, and China’s overall price level is relatively low, so there is also room for more flexible monetary policy,” he said.
China has set the deficit-to-GDP ratio for this year at around 4 percent, an increase of one percentage point over last year. The government deficit is set at 5.66 trillion yuan, an increase of 1.6 trillion yuan over last year’s budget figure.
The official underscored the new structural monetary policy instruments mentioned in the government report, which he said could provide stronger support for sound development of the real estate sector and the stock market.
“For example, it breaks the conventional notion that ‘consumption is a slow-moving variable’ by placing greater emphasis on boosting consumption and highlighting the need for interaction between consumption and investment. Another example is the increased focus on asset prices in macroeconomic regulation, with the stabilization of the real estate and stock markets explicitly included in the overall requirements — something that seasoned macroeconomic reporters may recognize as a first. Additionally, there is an emphasis on shifting policy resources from being predominantly invested in physical assets to being more focused on people and public well-being. These macroeconomic policy innovations aim to create a virtuous cycle between economic development and improving people’s livelihoods, thereby better promoting high-quality development while ensuring steady growth and employment,” said Chen.
