SCIO briefing about policies and measures on stabilizing employment, ensuring stable growth and promoting high-quality development

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Speakers:

Mr. Zhao Chenxin, vice chairman of the National Development and Reform Commission (NDRC)

Mr. Zou Lan, deputy governor of the People's Bank of China (PBC) 

Mr. Sheng Qiuping, vice minister of commerce

Mr. Yu Jiadong, vice minister of human resources and social security 

Chairperson:

Ms. Shou Xiaoli, director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

April 28, 2025

Shou Xiaoli:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). Today we are very pleased to invite Mr. Zhao Chenxin, vice chairman of the National Development and Reform Commission (NDRC); Mr. Yu Jiadong, vice minister of human resources and social security; Mr. Sheng Qiuping, vice minister of commerce; and Mr. Zou Lan, deputy governor of the People's Bank of China (PBC), to brief you on the policies and measures for stabilizing employment, ensuring stable growth and promoting high-quality development, and to answer your questions.

Now, I'll give the floor to Mr. Zhao for his introduction.

Zhao Chenxin:

Good morning. I am very pleased to attend today's press conference. I will start by introducing the overall situation to you all.

On April 25, the Political Bureau of the Central Committee of the Communist Party of China (CPC) held a meeting to analyze the current economic situation and deliberate on follow-up economic work. The meeting emphasized the necessity of adhering to the general principle of seeking progress while maintaining stability, fully and faithfully implementing the new development philosophy, and accelerating the establishment of a new development paradigm. It called for balancing domestic economic priorities with international economic and trade engagements, resolutely focusing on managing our own affairs well, and steadfastly expanding high-standard opening up. It called for efforts to be concentrated on stabilizing employment, supporting businesses, securing markets and managing expectations, and using the certainty of high-quality development to counter the uncertainties arising from rapid changes in the external environment. As such, the meeting provided clear direction and guidance for the next phase of economic work. This fully reflects the high importance that the CPC Central Committee with Comrade Xi Jinping at its core attaches to economic work, and fully demonstrates its confidence and determination to maintain stable economic operation.

The meeting particularly emphasized the need to continuously improve the policy toolkit for stabilizing employment and ensuring economic growth. Previously, on April 18, the State Council Executive Meeting had already deliberated on several measures aimed at stabilizing employment, ensuring economic growth and promoting high-quality development. Here, I would like to highlight the key initiatives being implemented in accordance with the decisions and plans of the CPC Central Committee and the State Council, focusing on measures to stabilize employment, ensure stable growth and promote high-quality development. These measures represent a continuation and extension of the policy package that has been rolled out since last September, as outlined by the Central Economic Work Conference and the tasks deployed at the "two sessions." They serve as crucial steps to respond to changes in the external environment and concrete actions to implement the decisions and deployments of the CPC Central Committee and the State Council. The Central Economic Work Conference has explicitly called for improving the toolkit of policies, making dynamic adjustments based on the extent of external impacts, strengthening unconventional and counter-cyclical adjustments, and enhancing the foresight, targeting and effectiveness of macro-regulation. Since the CPC Central Committee deployed and launched a package of incremental policies last year, in accordance with the requirements and in coordination with relevant departments of the State Council, the NDRC has been closely monitoring changes in the domestic and international economic conditions while dynamically updating and improving the policy toolkit. The newly introduced measures represent another major decision by the CPC Central Committee and the State Council, reflecting their scientific assessment of the current conditions and resolute, well-timed response to the evolving circumstances.

These measures specifically encompass five key aspects. I will now outline the specific measures, summarizing the concrete initiatives. My colleagues from the relevant departments will provide further details during the Q&A session, and the corresponding policies will be introduced one by one in due course. In terms of employment support, key measures include encouraging enterprises to actively stabilize employment, scaling up vocational skills training, expanding work-for-relief programs, and strengthening public employment services. In terms of stabilizing foreign trade, key measures include providing tailored support by industry and enterprise, helping export enterprises mitigate risks, increasing the overseas expansion of service products, and encouraging reinvestment by foreign-invested enterprises in China. In terms of promoting consumption, key measures include focusing on expanding service consumption, strengthening care for seniors with disabilities, boosting automobile consumption, and establishing a skills-oriented salary distribution system. In terms of actively expanding effective investment, key measures include improving consumption infrastructure, vigorously revitalizing private investment, and establishing new policy-based financial tools. In terms of fostering a favorable environment for stable development, key measures include continuously stabilizing and activating the capital market, consolidating the stable trajectory of the real estate market, and enhancing financial support for the real economy. These policies are all designed to be highly targeted and actionable, with a focus on delivering tangible benefits to businesses and the public. They will be rolled out on a case-by-case basis as each measure is finalized.

Next, the NDRC will actively work with all relevant parties to ensure the implementation of these measures. At the same time, in accordance with the requirements of the CPC Central Committee and the State Council, we will institutionalize open-ended policy research and preparation, ensure adequate contingency plans are in place, continuously improve the policy toolkit for stabilizing employment and ensuring stable growth, and promptly introduce additional reserve policies in response to changing conditions. We are confident that the implementation of these measures will provide strong support for the economy, fostering steady and sound economic development while maintaining overall social stability.

That concludes my introduction. Now, my colleagues and I will address questions you might have.

Shou Xiaoli:

Thank you, Mr. Zhao, for the introduction. The floor is now open for questions. Please identify the news outlet you represent before asking your questions.