At the Two Sessions, China’s 2025 Government Work Report unveiled a suite of new economic policies for the year ahead. In this video, CEIBS Professor of Economics and Wu Jinglian Chair in Economics Xu Bin outlines some key initiatives, from new deflation targets to an updated 4% debt-to-GDP ratio target, and talks about the ways in which China can best pursue economic growth in the future, including a shift away from manufacturing and industry to investment in service-focused, “people-centred” development.

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