The 2025 National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC), the Third Session of the 14th NPC and the Third Session of the 14th CPPCC National Committee, were held in Beijing from March 4 to 11. This session carries the heavy responsibility of concluding the 14th Five-Year Plan and planning for the 15th Five-Year Plan, taking "steady progress amidst stability, upholding orthodoxy while embracing innovation" as its keynote, targeting high-quality development, and drawing a blueprint for a new era. The following is a detailed interpretation of the 2025 National Two Sessions:

I. Meeting Background and Significance

2025 is the final year of the 14th Five-Year Plan and an important year for further comprehensively deepening reforms. The convening of the National Two Sessions is of great significance for people of all ethnic groups across the country to strive towards a new journey of Chinese-style modernization under the leadership of the Party. This session not only summarizes the achievements of the past year but also points out the direction for future development.

II. Meeting Agenda and Core Tasks

The core tasks of the National Two Sessions include deliberating the government work report, reviewing draft economic plans and budgets, promoting the rule of law, and deepening reform and opening up. The specific agenda is as follows:

1. Deliberating the Government Work Report: Summarizing the achievements of economic and social development in 2024, clarifying the GDP growth target for 2025 (estimated around 5%) and the direction of policy efforts.

2. Reviewing Draft Economic Plans and Budgets: Focusing on evaluating the implementation of the national economic plan in 2024 and deploying measures for 2025 to expand domestic demand and optimize investment structure.

3. Promoting the Rule of Law: Deliberating the draft amendment to the Law on Deputies, strengthening the norms of deputies' performance of their duties, and improving the grassroots governance system.

4. Deepening Reform and Opening Up: Discussing issues such as the development of the private economy, the opening up of the capital market, and the entry of medium- and long-term funds into the market, sending signals of institutional opening up.

III. Hot Topics and New Development Logic

This session focuses on several hot topics, which reflect the new logic of China's development.

1. Economic Recovery and the Conclusion of the 14th Five-Year Plan:

Boosting Consumption: The central government has pre-allocated 81 billion yuan to support the trade-in of consumer goods, and it is expected that ultra-long-term special government bonds will further increase investment, covering areas such as smart homes and new energy vehicles.

Optimizing Investment: Western provinces such as Tibet and Xinjiang have set a fixed-asset investment growth target of over 10%, while Guangdong and Zhejiang are shifting towards investment in emerging industries, emphasizing "quality and efficiency upgrades".

Technological Innovation: The breakthrough of technologies such as the domestically produced large model DeepSeek has led to the inclusion of "artificial intelligence +" in the government work report. Policies will increase support for computing power and algorithm research and development, promoting the deep integration of AI and manufacturing.

2. Low-altitude Economy as a New Growth Point: In 2024, the National Development and Reform Commission established a low-altitude economy department. In 2025, it is expected to achieve large-scale application in logistics, agriculture, and other fields.

3. Income Distribution and Livelihood Security:

Provinces such as Tibet and Hainan have set targets for rural residents' income growth to be higher than that of urban residents, narrowing the urban-rural gap.

Many places have proposed building new primary and secondary schools and improving the service capacity of grassroots medical institutions, focusing on education, medical care, and other areas related to people's livelihoods.

4. Expanding Opening Up and Attracting Foreign Investment:

The "Implementation Plan for Promoting the Entry of Medium- and Long-term Funds into the Market" has been implemented, encouraging social security funds and insurance funds to extend their assessment cycles, and tax incentives may be tilted towards long-term investors.

Foreign capital is accelerating its layout in A-shares, and policies are planned to simplify the entry procedures for QFIIs and expand the investment scope.

5. Private Economy and Market Regulation:

The Private Economy Promotion Law is being accelerated, focusing on pain points such as tax reduction and fee reduction and account receivable recovery.

The State Administration for Market Regulation is leading the rectification of "involutionary" competition, cracking down on low-price dumping and local protectionism, and guiding enterprises to shift towards technological innovation.

6. Regional Coordinated Development:

Rise of the West: Tibet and Xinjiang, relying on the "Belt and Road" initiative and energy advantages, have set GDP growth targets of 7%-8%, becoming national growth centers.

Revitalization of Northeast China: Jilin and Heilongjiang focus on food security and high-end equipment manufacturing. The grain output targets for 2025 are 90 billion jin and 160 billion jin respectively.

IV. Global Perspective and Influence

The National Two Sessions are not only an important domestic conference in China but also attract global attention. International public opinion understands China's policy direction through this session, is more optimistic about the potential for economic and social development in China, and generally affirms that China has brought valuable stability to a world beset by turmoil and upheaval. This session sends a strong signal that China will make every effort to promote high-quality development and further expand opening up, injecting Chinese momentum into global economic growth.