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March 8, 2025 Today's News

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The document discusses the progress of China's National People's Congress (NPC) and the government work report, which sets a GDP growth target of around 5% for 2025, aims to create over 12 million urban jobs, and control urban unemployment at 5.5%. It emphasizes the completion of the 14th Five-Year Plan and the advancement of Chinese modernization. Key economic policies include a new initiative for upgrading equipment and consumer goods, with subsidies for digital products. The express delivery sector is projected to handle 17.45 billion packages in 2024. The Hainan Free Trade Port is set to fully operate by the end of 2025, enhancing trade and investment freedoms. Negotiations for an upgraded China-ASEAN Free Trade Agreement are also underway. On diplomatic matters, Foreign Minister Wang Yi reaffirmed Taiwan's status as a part of China and opposed any support for Taiwanese independence. In response to U.S. plans to restrict Chinese drones, China criticized the broad application of "national security" concerns. In technology, AI applications are being integrated into government operations, and China's lithium reserves have risen to the second largest globally. The global economic outlook suggests continued growth in China's trade share. Other notable events include developments in South Korea regarding President Yoon Suk-yeol's impeachment case and ongoing tensions in the Russia-Ukraine conflict, with the U.S. and Ukraine seeking ceasefire negotiations in Saudi Arabia.

1. Progress of the Two Sessions and Government Work Report#

  1. Progress of the Second Session of the National People's Congress

    • The meeting heard the work reports of the Standing Committee of the National People's Congress and the Supreme People's Court, and the Supreme People's Procuratorate (“Two Highs”).
    • The government work report proposed development goals for 2025: GDP growth of about 5%, over 12 million new urban jobs, urban unemployment rate controlled at 5.5%, and CPI increase of about 2%.

  2. Legislation and Policy Direction

    • Emphasized the core of concluding the "14th Five-Year Plan," promoting Chinese-style modernization and national rejuvenation.

2. Economy and Regional Development#

  1. Major Economic Policies

    • The National Development and Reform Commission, in conjunction with the Ministry of Finance, launched a policy to expand the replacement of old equipment and consumer goods, including subsidies for digital products (up to 15%).
    • The express delivery business volume is expected to reach 174.5 billion packages in 2024, maintaining the global first position for 11 consecutive years; the Spring Festival travel peak is expected to see 900 million trips across regions.

  2. Free Trade Zones and Open Cooperation

    • The Hainan Free Trade Port plans to start full island closure operations by the end of 2025, gradually achieving six major freedoms and conveniences in trade, investment, and capital.
    • Negotiations for the China-ASEAN Free Trade Area 3.0 version have been completed, with plans to sign an upgrade agreement in 2025; negotiations for upgrading the China-Sweden Free Trade Agreement have begun.

3. Foreign Affairs and Sovereignty Issues#

  1. Serious Statement on Taiwan Issue

    • Foreign Minister Wang Yi reiterated that Taiwan is "China's Taiwan Province," opposing any support for "Taiwan independence" and interference in internal affairs, emphasizing that the 1971 UN resolution has established China's only legitimate status.

  2. China-U.S. Relations and Response

    • In response to the U.S. plan to restrict Chinese drones from entering the market, the Ministry of Foreign Affairs opposed the generalization of "national security" and stated it would resolutely safeguard the rights and interests of enterprises.

4. Technological Innovation and Social Dynamics#

  1. Technological Applications and Breakthroughs

    • AI digital human technology is applied in the work scenarios of the State Council, showing deepening government intelligence.
    • The China Geological Survey announced that lithium ore reserves have jumped to the second largest in the world (accounting for 16.5%), enhancing resource security capabilities.

  2. International Attention and Pressure

    • The Global Economic Outlook report predicts that China's trade share will continue to grow, with emerging economies in Asia contributing significantly to global growth.

5. Other Important Events#

  • South Korea-related Developments: South Korean President Yoon Suk-yeol has been released from the impeachment case and will continue to be tried in a non-custodial state; the medical school expansion plan in South Korea has been conditionally withdrawn.
  • Impact of Regional Conflicts: The Russia-Ukraine situation continues to fluctuate due to the game between Europe and the United States, with the U.S. and Ukraine planning to promote ceasefire negotiations in Saudi Arabia.
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