Unboxing 2025 Two Sessions of China

SirmioneCG
2025-03-14
引领未来趋势,两会经济核心政策开箱

As China’s top annual policy "barometer," the 2025 Two Sessions have rolled out a powerhouse policy package, including 1.3 trillion yuan in special bonds, the AI+ strategy, and eased foreign investment access. From the 5% GDP growth target to the cross-border data flow whitelist, from dual-track market support for real estate and stocks to cash-backed consumer trade-ins, this high-profile policy unveiling is shaping China’s economic playbook for the world 作为中国年度顶级政策“风向标”,2025年两会连抛1.3万亿国债、AI+战略、外资准入松绑等硬核政策包。从GDP5%增长锚点到跨境数据流通白名单,从楼市股市双线救场到消费换新真金白银,这场开年最高规格“拆包大会”,正在为全球经济写下中国攻略。


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Original link of Work Report

聚焦两会工作报告

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Key Signals Released

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Core Goals and Policies of the Two Sessions

两会核心目标

The 2025 Two Sessions Government Work Report continues the tone set by the Central Economic Work Conference, emphasizing technological innovation, industrial upgrading, and consumption stimulation. The economic growth target remains around 5%, consistent with the past two years, while the fiscal deficit ratio has been raised to 4%, signaling a more proactive approach. The 1.3 trillion yuan in ultra-long-term special bonds will be primarily allocated to infrastructure upgrades, social welfare, and the "trade-in" program. 2025年两会政府工作报告延续中央经济工作会议基调,强调科技创新、产业升级与消费刺激。经济增长目标设定为5%左右,与前两年一致,财政赤字率上调至4%,释放积极信号。1.3万亿元超长期特别国债重点投向基建升级、民生保障及以旧换新计划。

01

Fiscal&Monetary财政货币



Ultra-long special bonds focus on new infrastructure and urbanization, with local special bond quotas rising to ¥4.4 trillion. Monetary policy remains moderately loose, supporting housing stability and consumption upgrades, while rate cuts boost market liquidity.超长期特别国债聚焦新基建、新型城镇化,地方专项债额度增至4.4万亿元。货币政策延续适度宽松,支持楼市企稳、消费升级,降准降息预期增强市场流动性。



02

Capital Market资本市场



Housing policies focus on project delivery and lower down payments for stability. A-share reforms support TMT, biotech, and defense, while STAR Market optimizes listings to attract top tech firms, highlighting long-term opportunities. 楼市政策以“保交楼”、降低首付比例为核心稳定基本面;A股改革聚焦科技成长赛道,明确支持TMT、创新药、国防军工等板块,科创板优化上市机制吸引优质科技企业回归,中长期结构性机会凸显。

03

Tech Breakthrough科技突围



For the first time, embodied intelligence and 6G are included in China’s strategic plan. The “AI+” initiative accelerates smart manufacturing and 5G adoption, while upgrades in computing power and chips push China's AI industry from follower to global leader.首次将具身智能、6G技术纳入战略规划,启动“人工智能+”行动计划,加速智能制造、5G终端普及。算力、芯片等基础设施升级提速,中国AI产业正从技术跟随转向全球领跑。



04

Consumption Boost消费提振



China is strengthening domestic demand, focusing on healthcare, digital consumption, and green energy. A ¥300 billion subsidy for home appliances and autos is expected to drive ¥540 billion in spending. Urban renewal efforts include subsidies for old elevator upgrades and gas pipeline renovations, unlocking a trillion-yuan market. Duty-free policies and inbound consumption facilitation are also being optimized. 持续强化内需引擎, 发力健康养老、数字消费、绿色低碳三大领域,3000亿元财政补贴支持家电、汽车等消费品更新,预计带动5400亿元消费规模。聚焦城市更新,政策推动老旧电梯补贴和燃气管道改造,撬动万亿市场。优化免税政策与入境消费便利化措施等。

05

Investment Line投资主线





Tech growth (AI, digital economy, high-end manufacturing) and consumption recovery (tourism, duty-free, silver economy) form key sectors. With policy support, market reforms and industrial upgrades will drive new growth opportunities. 科技成长(AI、数字经济、高端制造)与消费复苏(文旅、免税、银发经济)构成核心赛道。政策红利释放下,资本市场改革与产业升级协同发力形成新一轮发展机遇。

06

Private Economy民营经济





As a key engine and Two Sessions focus, China’s private enterprises drive 60% of GDP, 70% of innovation, and 80% of employment. Led by AI firms like DeepSeek, they excel in EVs, cross-border e-commerce, and more. Policy efforts will emphasize institutional openness and innovation ecosystems, expanding global competitiveness. Support will deepen for private firms in AI and high-end manufacturing to advance new productive forces. 作为核心引擎和两会热点,贡献全国60%GDP70%技术创新及80%就业,以DeepSeekAI企业为代表,中国企业在新能源汽车、跨境电商等领域领跑。政策发力点将聚焦制度型开放与创新生态构建,拓宽全球竞争力赛道。推动民企深耕AI、高端制造等新质生产力。

07

Global Strategy国际策略



In 2024, China’s cross-border e-commerce trade reached ¥2.63 trillion, up 10.8%. The Two Sessions emphasized institutional openness, high-quality Belt and Road expansion, 22 new free trade zones, and enhanced cross-border financial services to deepen global supply chain integration. 2024年,中国跨境电商进出口2.63万亿元,增长10.8%两会强调将坚持制度型开放,加速“一带一路”高质量共建,新增22个自贸试验区扩容开放平台。强化跨境金融服务,与全球供应链深度融合。

Upgrade of foreign investment policy 外资政策升级

China fully removed foreign investment restrictions in manufacturing, cutting the negative list from 62 to 31 items. Openness expanded in telecom, healthcare, and services, with optimized rules for cross-border M&A and equity investment. Sole proprietorship is now allowed in emerging fields like gene therapy and cloud computing, while a pilot whitelist facilitates cross-border data flows and strengthens IP protection. Hainan Free Trade Port launched a ¥60 billion fund to attract foreign investment in new infrastructure. In Q1 2025, newly established foreign enterprises rose 12.3% YoY, with electronics and biopharma accounting for over 45% of investment. 全面取消制造业外资准入限制,负面清单由62条压减至31条;扩大电信、医疗及服务业开放,优化跨境并购与股权投资规则。允许基因诊疗、云计算等新兴领域独资经营。数据跨境流动便利化措施,试点跨境数据流动白名单机制,强化知识产权保护。海南自贸港设立600亿元专项基金吸引外资参与新基建。2025年首季新设外企同比增12.3%,电子与生物医药领域投资占比超45%。

Global
dynamics during the Two Sessions
and investment strategies

两会之际全球动态及投资策略


The global economic outlook for 2025 remains uncertain, largely due to potential shifts in tariffs, immigration, and geopolitical policies under the Trump administration, which could have significant global implications. A survey shows that 62% of business owners oppose new tariffs, while Trump’s approval rating has fallen to a historic low of 39%. 2025年全球经济前景仍充满不确定性,很大程度上是特朗普政府将调整关税、移民和地缘政治方面的政策,或对全球经济产生重大影响。有调查表明62%受访企业主反对新增关税,特朗普政府支持率跌至39%历史低位。

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According to Bloomberg and other international media, U.S. stocks are under pressure, with the S&P 500 down 12% from its year-to-date peak. Tesla plunged 18% in a week amid a global EV price war and short-selling by Soros. Goldman Sachs warns that the Fed’s delayed rate cuts, coupled with escalating geopolitical tensions, are fueling risk aversion in the market. 彭博等国际媒体报导近期美股承压,标普500指数较年初高点回落12%特斯拉股价受全球电动车价格战拖累单周暴跌18%,并遭遇索罗斯做空。高盛分析指出,美联储延迟降息叠加地缘冲突升级,加剧市场避险情绪。

According to CLS and Securities Times, A-shares in 2025 will see "tech leading, consumption mildly recovering," while financials and real estate decline by 8%. The Shanghai Composite is set to rise 9.3% (2800-3400), with Hong Kong’s tech sector becoming a capital safe haven. After a sentiment reset, the market enters a “low-expectation steady state,” with speculation fading and policy strength guiding future trends. A-shares will rely on monetary easing and foreign inflows, with two core themes: hard tech (AI, semiconductors) and policy-driven sectors (new consumption, biopharma) 据财联社、证券时报等渠道数据,2025A股呈现科技领跑、消费弱修复格局,金融地产承压跌8%全年上证收涨9.3%2800-3400),港股科技板块成资金避风港。市场情绪步入低预期稳态,投机退潮,未来走向锚定政策力度。A股依赖降准降息及外资回流,中长期硬科技(AI、半导体)与政策红利赛道(新消费、生物医药)仍是双主线。

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In 2025, first-tier cities like Beijing, Shanghai, and Guangzhou will witness the return of international talent, much like the first signs of spring bringing renewed vitality. However, a broader economic recovery will hinge on strong policy support. Following the Two Sessions, investors should closely track key policy developments, including the release of the ¥1.3 trillion national bond guidelines, the rollout of the "AI+" roadmap, the implementation of 22 free trade zone initiatives, real estate consumption subsidies, central bank rate cuts and reserve requirement reductions, the revival of the China-EU investment agreement, and the revision of the STAR Market’s fifth set of standards. These measures are set to boost market confidence, direct capital flows, and provide investors with a clear strategic roadmap. 2025年,北上广等一线城市迎来国际面孔的回流,犹如春信初至,生机萌动。然而,宏观层面的回暖更多依赖于政策的有力提振。两会后投资者应密切关注1.3万亿国债指南发布、人工智能+”路线图推出、22个自贸区方案上线、房地产消费补贴、央行降准降息、中欧投资协定重启及科创板第五套标准修订等政策落地。这些政策将提振资本市场信心,引导资金流向,为投资者提供明确布局方向。

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