Relevant officials from the Central Financial and Economic Affairs Office provid

At the crucial juncture when the 14th Five-Year Plan is nearing completion and the 15th Five-Year Plan is about to commence, the Central Economic Work Conference, held from 10 to 11 December 2025, has attracted significant attention. 

What is the current economic situation? How will the key tasks of the new phase of the 15th Five-Year Plan be advanced? Focusing on the issues of greatest public concern, relevant officials from the Central Financial Office were interviewed by leading central media immediately after the meeting, providing an in-depth interpretation of the spirit of the Central Economic Work Conference.

Q: What economic "report card" will our country deliver in 2025? What will the economic outlook be for the coming year?

A: The Central Economic Work Conference provided a comprehensive summary of this year's economic work, noting that 2025 will be an extraordinary year, during which China's economy will advance under pressure, moving towards new and superior development, demonstrating strong resilience and vitality.

Firstly, overall operations remain stable with steady progress. Key economic indicators meet expectations, with the annual economic growth projected at around 5%, maintaining a leading position among the world's major economies, and the total economic output expected to reach approximately 140 trillion yuan. Employment remains generally stable, foreign trade grows rapidly, and export diversification shows significant results.

Secondly, the construction of a modern industrial system continues to advance. New-type productive forces develop steadily, scientific and technological innovation yields substantial results, and research and application in artificial intelligence, biomedicine, and robotics are at the forefront globally. 

Thirdly, reform and opening up have taken new steps. The construction of a nationwide unified market is deepening, the comprehensive rectification of "involution-style" competition shows effectiveness, the capital market remains relatively active, and independent opening up progresses in an orderly manner. 

Fourthly, positive progress has been made in resolving risks in key areas. Local government hidden debts are being replaced in an orderly manner, the task of ensuring housing delivery has been fully accomplished, the reform and risk mitigation of small and medium-sized financial institutions show clear results, safeguarding against systemic risk. 

Fifthly, social welfare protection has been strengthened. Policies such as childcare subsidies and free preschool education in the first year have been successively implemented, and the level of social security continues to improve. The overall social situation remains stable. This year's economic and social development goals are about to be successfully achieved, contributing to a successful conclusion of the 14th Five-Year Plan.

While fully acknowledging the achievements, the meeting analysed the difficulties and challenges currently present in economic operations, pointing out that there are still many long-standing issues and new challenges in China's economic development, with intensifying impacts from changes in the external environment, prominent domestic contradictions of strong supply and weak demand, and considerable risks in key areas. We must confront the problems and face the challenges, recognising that most of these are issues of development and transformation, unavoidable and inescapable, but solvable with effort. 

Looking ahead to next year, the global economy is expected to continue a moderate growth trend, though with considerable uncertainties. Domestically, we face numerous difficulties and challenges, but the long-term favourable supporting conditions and basic trends, such as a stable economic foundation, numerous advantages, strong resilience, and great potential, remain unchanged. The advantages of the socialist system with Chinese characteristics, a large-scale market, a complete industrial system, and abundant talent resources will become more evident. Active flows of factors and innovation will continue to inject new momentum into development, with rapid growth maintained in the movement of people, goods, information, and capital. Investment and consumption are expected to recover next year, industrial transformation and upgrading will accelerate, and scientific and industrial innovation will enter a phase of concentrated results. The prospects for China's economic development are extremely promising.

Q: Next year, how will we continue to implement a more proactive macroeconomic policy, and how will fiscal and monetary policies be leveraged? 

A: This year, China implemented a more proactive fiscal policy for the first time and, after 14 years, again adopted a moderately accommodative monetary policy, playing an important role in promoting sustained economic recovery and improvement. According to the deployment of the Central Economic Work Conference, next year China will continue to implement a more proactive macroeconomic policy. In terms of policy orientation, the focus will be on seeking progress while maintaining stability, and improving quality and efficiency.Next year, we will continue to implement a more proactive fiscal policy.

In terms of policy intensity, the necessary fiscal deficit, total debt scale and total expenditure will be maintained. While focusing on the present and fully utilising the fiscal policy space, we will also leave room to address future risks and ensure fiscal sustainability. Attention will be given to resolving local fiscal difficulties, establishing and improving mechanisms for increasing revenue and reducing expenditure, enhancing local self-financial capacity, and safeguarding the bottom line of basic services at the grassroots level.

In terms of policy quality and effectiveness, precision and efficiency will be improved. Fiscal expenditure structure will be optimised, the financial support for major national strategies will be strengthened, and more resources will be invested in people. Government bond funds will be used in a coordinated manner, with greater emphasis on benefiting people's livelihoods, expanding domestic demand and increasing long-term potential. At the same time, financial and economic discipline will be strictly enforced, and party and government institutions will maintain a frugal approach.

In terms of timing, proactive measures will be adopted. The allocation and disbursement of funds will be reasonably accelerated to promote the rapid realisation of actual expenditure and tangible work output.

Next year, we will continue to implement a moderately loose monetary policy.

Firstly, promoting stable economic growth and a reasonable recovery in prices will be an important consideration of monetary policy. This is a new proposal from this year's meeting. Monetary policy will strengthen forward-looking and scientific adjustments, maintain ample liquidity, keep social financing conditions relatively loose, and promote low overall social financing costs, working in synergy with other policy measures to strive for achieving goals such as economic growth and price recovery.

Secondly, we will flexibly and efficiently use various monetary policy tools. The monetary policy toolkit includes not only reserve requirement cuts and interest rate reductions but also other short-term, medium-term, and long-term liquidity injection tools. Next year, we will flexibly combine and efficiently use multiple tools to ensure that the growth of social financing and money supply matches economic growth and the expected general price level targets.

Thirdly, we will strengthen support for expanding domestic demand, technological innovation, and key areas such as small and medium-sized enterprises. We will continue to make good use of structural monetary policy tools, focus on unblocking the transmission mechanism of monetary policy, and continuously enhance the quality and efficiency of financial services for the real economy. At the same time, we will continue to balance internal and external factors, maintaining the basic stability of the renminbi exchange rate at a reasonable and balanced level.

Q: What is the current state of domestic demand? Where is the potential and momentum for boosting consumption and expanding investment? 

A: Expanding domestic demand is next year's top priority. Overall, domestic demand in our country has remained steady this year, contributing 71% to economic growth in the first three quarters. Policies to stimulate consumption have shown significant results, and effective investment expansion has been steadily advanced. We have also noticed that the growth of consumption and investment has slowed in recent months, and continuous efforts are needed to expand domestic demand.

Next year, we must seize the structural changes in consumption and boost consumption by addressing both supply and demand sides. Currently, China is shifting from primarily goods consumption to a balance between goods and services consumption. While the growth rate of goods consumption in certain sectors is slowing, there is strong demand for services such as culture and tourism, elderly care, and childcare. New demand should guide new supply, and new supply should create new demand to better match supply and demand. Plans to increase income for urban and rural residents should be formulated and implemented, high-quality and full employment should be promoted, basic pensions for urban and rural residents should continue to be raised, and residents' consumption capacity should be continuously enhanced. The supply of high-quality goods and services should be expanded, consumption in new formats, new models, and new scenarios should be vigorously developed, and new trillion-level consumption growth points such as domestic services and tourism health care should be cultivated and strengthened. The potential for consumption demand should be effectively released, unreasonable restrictive measures should be continuously removed, regions with appropriate conditions should be supported in promoting autumn and spring holidays for primary and secondary school students, and paid staggered leave for workers should be implemented. The "Shop in China" brand should be developed to unlock significant growth potential in inbound consumption.

Next year, focus should be placed on benefiting people's livelihoods and strengthening future momentum, while promoting investment to stabilise after decline. Although investment has recently dipped, there are still various shortcomings in China's technological innovation, industrial upgrading, infrastructure, and improvement of people's livelihoods. Investment in both physical assets and human resources should be combined, coordinating efforts to boost consumption and expand investment simultaneously. Accelerate the construction of consumer infrastructure such as parking facilities, charging stations, and tourist roads, increase the proportion of investment in areas like elderly care, child care, and healthcare, advance high-quality urban renewal, and focus on expanding effective investment. The guiding role of government investment should be effectively utilised, making good use of central budgetary investment, ultra-long-term special national bonds, and local government special bonds, optimising the implementation of "dual-focus" projects, and promptly executing major projects of the "15th Five-Year Plan" where conditions allow, leveraging major engineering projects to drive development. Efforts should be made to energise private investment by implementing measures to further promote private investment, supporting private enterprises in participating in major projects in sectors such as railways and nuclear power, and guiding private investment towards new fields such as high technology and services, with tangible measures to strengthen confidence in private investment. 

We believe that by linking investment with consumption and coordinating government and market efforts, it is entirely feasible to achieve sustained growth in domestic demand next year.

Q: How should we understand the conference's major deployment regarding the construction of international science and technology innovation centres in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area?

A: Since the 18th National Congress of the Communist Party, General Secretary Xi Jinping has personally planned, deployed, and promoted the construction of international science and technology innovation centres in Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area. At the Central Economic Work Conference, General Secretary Xi Jinping proposed expanding the Beijing International Science and Technology Innovation Centre to the Beijing-Tianjin-Hebei region and the Shanghai International Science and Technology Innovation Centre to four provinces and cities in the Yangtze River Delta. This is a major decision made by the Party Central Committee with a view to enhancing the global influence and competitiveness of international science and technology innovation centres.

In recent years, the construction of the three major centres has achieved remarkable results, playing an important role in supporting the enhancement of our country's innovation capacity. Since the initiation of the three major centres, there has been a strong emphasis on original innovation, resulting in a number of original achievements, the aggregation of several advanced manufacturing clusters, and a continuing demonstration of their radiating and leading effects. In 2024, the R&D intensity in Beijing, Shanghai, and Guangdong reached 6.58%, 4.35%, and 3.6% respectively. In the 2025 global top 100 innovation clusters ranking, Shenzhen—Hong Kong—Guangzhou, Beijing, and Shanghai—Suzhou ranked 1st, 4th, and 6th respectively.

Expanding the scope of the construction of international science and technology innovation centres is conducive to better promoting the integration of technological innovation and industrial innovation. The Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area are important sources of momentum for China's high-quality development. Promoting the expansion of international science and technology innovation centres, better integrating innovation resources, and continuously enhancing their roles in original innovation, leading high-end industries, and transforming scientific and technological achievements is conducive to forming a synergistic interaction between technological innovation and industrial innovation, continuously generating new quality productivity, and providing strong support for high-quality development.

The expansion and quality enhancement of the three major centres will certainly become an important strategic pillar for China in its progress towards a strong technological nation. Relevant authorities are formulating construction plans for the Beijing (Beijing-Tianjin-Hebei) and Shanghai (Yangtze River Delta) International Science and Technology Innovation Centres, which will focus on the layout of strategic scientific and technological forces, deployment of major tasks, pilot system reforms, and joint nurturing of industrial clusters, introducing a series of pragmatic measures. We believe that as these measures are gradually implemented, the three major centres will inevitably become models and benchmarks for innovation-led Chinese-style modernisation.

Q: What are the current difficulties and obstacles in advancing the construction of a nationally unified market? What new measures are being taken to comprehensively address "involution-type" competition? 

 A: China has the advantage of a super-large-scale market, but in practical economic activities, there are still some distortions in market mechanisms and phenomena that hinder fair competition, particularly the prominent issue of "involution-type" competition. The construction of a nationally unified market still faces many bottlenecks and obstacles, affecting the smooth circulation of the economy.

In July this year, General Secretary Xi Jinping made clear arrangements at the sixth meeting of the Central Financial and Economic Affairs Commission for the deep advancement of the construction of a unified national market. Relevant departments have introduced and implemented a series of policies and reform measures, achieving positive progress in promoting the construction of a unified national market, with prices of some industry products having risen significantly. However, it must also be recognised that this work cannot be accomplished overnight; it is a protracted struggle.

The recent Central Economic Work Conference has made further arrangements for the construction of a unified large market. Next year, more targeted measures will be taken to further enhance the effectiveness of building a unified large market and to achieve the efficient allocation of various resources and factors.

At the market level, it is necessary to continuously improve the rules for market operations. Accelerate the formulation of national regulations for the construction of a unified large market, establishing the fundamental institutional framework for a unified large market, and improving basic systems such as market access, fair competition, and quality standards. Efforts should focus on removing barriers in areas such as access to resources, qualification recognition, bidding, and government procurement, enabling the free flow of resources over a larger scale and enhancing market operation efficiency.

At the government level, it is necessary to continuously regulate the economic promotion activities of local governments. For cases where some localities provide illegal incentives in investment promotion such as tax breaks, land, and electricity discounts, or even incur debt to offer subsidies, it is essential to accelerate the introduction of lists outlining encouragement and prohibitions for investment promotion, clearly delineating red lines and bottom lines. It is imperative to resolutely rectify disguised illegal investment promotion through methods such as "drawer agreements." It is also necessary to continuously standardise enterprise-related law enforcement and improve the administrative discretion benchmark system. Efforts should focus on rectifying irregularities in bidding and tendering in certain sectors, removing unreasonable restrictions, and preventing local protectionism. Additionally, statistics, fiscal and taxation systems, and assessment mechanisms conducive to the construction of a unified larger market should be improved to promote the establishment and practice of a correct performance concept.

At the enterprise level, it is necessary to thoroughly rectify 'involution-style' competition. The mechanisms for capacity regulation in key industries should be improved at an accelerated pace, with strengthened dynamic monitoring and early warning. This will allow outdated capacity to exit in an orderly manner while enabling the smooth integration of new, high-quality capacity. Comprehensive governance should be strengthened, alongside industry self-discipline and standard guidance, utilising regulatory measures such as credit supervision, price enforcement, anti-monopoly, and anti-unfair competition. The aim is to standardise market competition, foster a market ecosystem characterised by high-quality and well-priced products alongside healthy competition, and better leverage the market mechanism to ensure the survival of the fittest.

In summary, advancing the construction of a unified national market in depth will effectively facilitate the circulation of China's economy, further unleash the potential advantages of its ultra-large-scale market, and continuously enhance the intrinsic motivation and vitality of economic development.

Q: What combined measures will be taken next year to promote balanced trade development, optimise the business environment, and expand foreign investment attraction?

A: The Central Economic Work Conference has made a series of arrangements to expand high-level opening-up. Among them, regarding the steady promotion of institutional opening-up, three measures will be introduced next year.

Firstly, to orderly expand the scope of services open to independent operation. Expand market access and areas of openness in the service industry, deepen and optimise the comprehensive pilot demonstration for the expansion of service industry openness, improve the management system of the negative list for cross-border service trade, and enhance the level of openness in modern services industry. 

Secondly, to create diverse open highlands. Guided by the strategic enhancement of pilot free trade zones, optimise the layout and scope of pilot free trade zones, boost the innovation-driven development capacity, align with international high-standard economic and trade rules, and better utilise the pilot zones as 'experimental fields' for institutional openness. Fully implement the closed operation of Hainan Free Trade Port. 

Thirdly, to promote the signing of more regional and bilateral trade and investment agreements. Promote the signing of more high-standard free trade agreements, actively incorporate high-level economic and trade rules, flexibly and pragmatically expand the network of economic and trade partners, and implement open measures such as zero tariffs for countries in Africa with which diplomatic relations have been established.

Focusing on enhancing the quality and efficiency of foreign trade, next year we will, while promoting the integration of trade and investment, the integrated development of domestic and foreign trade, the diversification of markets, as well as actively developing service trade, digital trade, and green trade, study and introduce special policies to expand the import of high-quality consumer goods and support the import of key equipment, technology, and components. Maintaining a basic balance of international payments is our policy objective. Next year, over a hundred import promotion events will be held under the theme 'Shared Large Market·Export China' to further expand imports. Efforts will continue to be made to leverage major exhibition platforms, regularly host the Import Expo Quality Goods Trading Fair, and continuously cultivate national demonstration zones for innovative import trade promotion.

Focusing on continuously optimising the business environment to expand foreign investment attraction, next year will see the introduction of a new batch of policies and measures aimed at improving the foreign investment environment, guided by the deepening of reforms in the foreign investment promotion system and mechanism. Market access will be further relaxed, pilot openings in areas such as value-added telecommunications and biotechnology will be expanded, and the requirements of 'both access and operation' will be implemented to address the issue of 'wide gates open, narrow gates closed' in market access. Support policies for foreign investment will be optimised to promote reinvestment by foreign capital within the country, support foreign enterprises in accelerating localised production and participating in upstream and downstream industrial chain collaboration. Supporting policies for establishing research and development centres by foreign investors in China will be improved. A service and protection system for foreign investment will be strengthened, fully implementing national treatment in areas of concern to foreign enterprises, such as factor acquisition, qualification permissions, standard setting, and government procurement. Multi-level and regular communication mechanisms will be improved to assist foreign enterprises in resolving difficulties.

Q: How can we further advance regional coordinated development? What new measures are there to support major economic provinces in taking the lead?

A: Regional coordinated development is an inherent requirement of Chinese-style modernization and a strategic support for high-quality development. The next step is to further advance regional coordinated development, with a focus on several key areas of work.

First, formulate and implement the '15th Five-Year Plan' implementation scheme for regional development strategies. Relevant departments will, taking into account trends in industrial and population structure over the current and forthcoming periods, organize the preparation of several implementation schemes to further promote coordinated development across the four major regions: East, Central, West, and Northeast. They will consolidate and enhance the role of the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area as drivers of high-quality development, advance the construction of a modern city in Xiong'an New Area to high standards and quality, elevate the development capacity of the Chengdu-Chongqing twin-city economic circle, and accelerate the development of the mid-Yangtze River urban clusters.

Secondly, guide localities to develop new quality productivity according to their specific conditions. It is necessary to promote an accurate grasp of the strategic positioning within the national development framework, adhere to the principle of 'tailoring measures to local conditions', and, based on local resource endowments and industrial foundations, precisely cultivate and expand new quality productivity, better leverage comparative advantages, and explore pathways for distinctive and differentiated development. 

Thirdly, promote integrated urban-rural development. Vigorously advance people-centred new urbanisation, and scientifically and orderly facilitate the urbanisation of agricultural migrant populations. Promote high-quality development of county economies. Advance urbanisation construction with counties as key carriers in a classified manner, learn and apply the experience from the 'Ten Million Project', and promote rural revitalisation in a classified, orderly, and zonal manner.

Fourth, orderly promote regional coordinated development. In terms of hard connectivity, advance the construction of cross-regional and cross-basin corridors, and strengthen the interconnection of regional infrastructure. In terms of soft connectivity, improve mechanisms for inter-regional planning coordination, industrial collaboration, and benefit sharing, and deepen cross-administrative region cooperation. Implement the national industrial transfer and development enhancement project to facilitate the orderly transfer of key industries within the country.

At the same time, we should coordinate support for major economic provinces to take the lead and the relationship with regional coordinated development, adhere to a national strategy, avoid creating "policy gaps", and form a vivid pattern of complementary advantages and interconnected development among regions.

Q: What new initiatives will be implemented next year to promote a comprehensive green transition, centred on adhering to the "dual carbon" goals?

A: In September this year, General Secretary Xi Jinping announced a new round of nationally determined contributions, for the first time proposing absolute emission reduction targets covering the entire economy and all greenhouse gases, demonstrating China's firm commitment to actively address climate change without changing direction or weakening efforts. According to the deployment of the Central Economic Work Conference, next year efforts will be continuously strengthened in five areas, coordinating the promotion of carbon reduction, pollution control, greening, and growth, thereby enhancing the momentum for green development.

Firstly, we must actively and steadily advance carbon peaking. Next year will mark the first year of the full transition from dual energy consumption controls to dual carbon emission controls, requiring further consolidation of the foundation for carbon emission statistics and accounting, and the implementation of a dual control system for total carbon emissions and intensity. Coal and oil are the main sources of energy consumption and carbon emissions in our country, so it is necessary to further promote energy-saving and carbon-reduction renovations in key industries and steadily drive coal and oil consumption towards peaking. Efforts should also be made to strengthen the national carbon emissions trading market and improve the voluntary greenhouse gas reduction trading system.

Secondly, accelerate the development of a new energy system. The 15th Five-Year Plan proposed for the first time in a five-year plan the goal of building a strong energy nation, which is of great significance. Next year, a planning outline for building a strong energy nation should be formulated. Continuously increase the proportion of new energy supply, accelerate the construction of clean energy bases, and promote that the majority of new electricity consumption is met by new energy generation. Comprehensively enhance the complementarity, mutual support and safety resilience of the power system, and build smart grids and microgrids. Actively expand the application scenarios of clean energy, increase the use of green electricity, and construct a number of zero-carbon parks and zero-carbon factories.

Thirdly, accelerate the development of green and low-carbon industries. It is necessary to improve fiscal, financial, and investment support policies, and cultivate new growth points such as hydrogen energy and green fuels. Implement comprehensive solid waste management actions, establish a comprehensive solid waste management system featuring source reduction, process control, end-use utilisation, and full-chain harmless management, strengthen the recycling of renewable resources, and vigorously develop a circular economy.

Fourth, continue to advance the fight against pollution and the optimisation of ecosystems. Carry out in-depth efforts to protect blue skies, clear waters and clean soil, and strengthen the control of new pollutants. At the same time, coordinate the promotion of major projects for the protection and restoration of important ecosystems, solidly advance the key initiatives of the "Three-North" Project, enhance the management of key lakes, implement the integration and optimisation of nature reserves, and accelerate the construction of a nature reserve system centred on national parks. 

Fifth, improve the capacity to respond to extreme weather. Next year, efforts should be made to strengthen the construction of meteorological monitoring, forecasting and early warning systems, further improve monitoring methods, enhance forecast accuracy, strengthen the coordination between meteorological warnings and disaster alerts, urgently address shortcomings in flood prevention, drainage and disaster-resilient infrastructure in northern regions, and improve disaster prevention and mitigation capabilities.

Q: With the current labour market characterised by an excess of supply over demand, how can high-quality and full employment be promoted?

A: Since the beginning of this year, the Party Central Committee has placed greater emphasis on stabilising employment, with various regions and departments intensifying their efforts in this regard. The national employment situation has remained generally stable, with over 12 million new urban jobs created from January to November, achieving the annual target ahead of schedule. The average urban surveyed unemployment rate was 5.2%, below the regulatory target of 5.5%. However, it should also be noted that due to changes in export structure, industrial transformation and upgrading, the development of new technologies, and other factors, the employment situation faces new changes and challenges that require high attention.

According to the deployment of the Central Economic Work Conference, next year will continue to strengthen the employment-priority policy orientation, implement actions to stabilise and expand jobs and improve quality, focus on promoting employment among key groups such as university graduates, migrant workers, and veterans, and ensure overall stability in employment.

Firstly, enhance the economic development's driving force on employment. Adhere to employment prioritisation, strengthening the role of fiscal, monetary, investment, consumption, and industrial policies in promoting employment. Increase policy support for labour-intensive industries such as construction and hospitality, enhance coordination between technological innovation, industrial development, employment stability, and the improvement of people's livelihoods, and promote the creation of an employment-friendly development model. Effectively integrate support policies such as unemployment insurance benefits for job retention and employment and entrepreneurship subsidies, and intensify efforts to explore and expand employment opportunities.

Secondly, efforts should be made to stabilise employment among key groups. Next year, the number of university graduates will reach 12.7 million, setting a new historical high, and there are also a large number of migrant workers, veterans and other key groups who need employment. Policy support should be strengthened, guidance on career choices and employment concepts reinforced, and more university graduates should be supported to work and start businesses in urban and rural grassroots areas and small and medium-sized enterprises. Employment among migrant workers should be stabilised, the responsibilities of both labour-sending and labour-receiving areas for stabilising employment should be implemented, and support for returning to hometowns for entrepreneurship and for local nearby employment should be coordinated. Employment service guarantees for veterans should also be well provided.

Thirdly, vigorously carry out vocational skills training. Focus on high-tech and cutting-edge industries as well as industries with urgent demand and large employment capacity, and conduct more specialised training. Address the impact of new technological developments on employment by providing job transition training for workers. Leverage leading enterprises, core enterprises, public training bases, vocational colleges, and training institutions to thoroughly implement large-scale vocational skills enhancement training initiatives, and improve the lifelong vocational skills training system.

Fourth, promote the healthy development of flexible employment and new forms of employment. Strengthen the construction of systems protecting the rights and interests of workers in flexible employment and new types of employment, encourage and support participation in employee insurance, and expand pilot programmes for occupational injury protection for personnel in new forms of employment. Create a fair employment environment and strive to eliminate employment discrimination and unreasonable restrictions based on gender, age, and other factors. 

Fifth, strengthen employment situation analysis and monitoring and early warning. Track and analyse employment conditions in key fields, industries, regions, and groups, enhance in-depth analysis and assessment of the employment situation, promptly identify and mitigate emerging risks, and strengthen the reserve of employment policies.

Q: In order to stabilise the real estate market, what measures will be taken next year?

A: Real estate has strong correlations and a wide coverage, attracting significant social attention. Since the beginning of this year, the total transaction volume of new and second-hand houses in China has remained basically stable, with the rate of decline in housing prices continuing to narrow. Regional market trends have become differentiated, with housing prices varying across cities. Real estate development investment continues to decrease, which is the result of local efforts to reduce inventory and strictly control new additions. This is also a rational choice for real estate enterprises in response to the current market situation, and it should be analysed objectively and viewed correctly. 

On the one hand, it should be recognised that there is still considerable potential for the high-quality development of China's real estate sector. 

From the perspective of rigid demand, in 2024, the urbanisation rate of the resident population in China will be 67%, whereas the urbanisation rate of the registered population is less than 50%. The rigid housing demand of 'new citizens' such as newly settled migrant workers and recent university graduates remains to be fully realised.

From the perspective of improvement-oriented demand, although the total urban housing stock in China is already considerable, the distribution across locations and ownership structures is uneven. A significant portion of urban residents still have unsatisfactory housing conditions, resulting in improvement-oriented demand such as "trading old for new" or "trading small for large". Many cities have reported an increasing willingness among residents to sell old homes and buy new ones. This year, the proportion of second-hand housing transactions has risen from 28% in 2021 to 45%, and overall, "good houses" are not difficult to sell, indicating considerable potential in improvement-oriented demand. 

Looking at the development of the real estate industry in many developed countries, even after urbanisation reaches a stable stage, there remains a substantial annual demand for housing, and the real estate industry's value added consistently accounts for a significant proportion of GDP. In China, there is still much work to be done in urban renewal, especially in the renovation of dilapidated houses and urban villages. The task of better meeting the rigid and improvement-oriented housing needs of urban residents remains significant, and the high-quality development of the real estate sector still holds considerable prospects.

On the other hand, it is necessary to drive the high-quality development of the real estate sector by building new models. The Central Economic Work Conference has made plans to stabilise the real estate market and accelerate the establishment of new development models for the sector. Going forward, several key tasks need to be focused on. 

Firstly, efforts should be made to stabilise the market from both supply and demand sides. On the supply side, it is essential to strictly control new additions, revitalise existing stock, encourage the acquisition of existing commercial housing for reasonable uses such as affordable housing, accelerate inventory clearance, and simultaneously promote the orderly construction of 'good housing'. On the demand side, more targeted measures should be implemented to fully unleash residents' rigid and improvement-driven housing needs. 

Secondly, the transformation and development of real estate enterprises should be actively promoted. Support should be given to real estate enterprises to accelerate their shift from primarily selling new homes to holding more properties and providing high-quality, diversified residential services. At the same time, the role of the 'guaranteed delivery' whitelist system should be further enhanced to support the reasonable financing needs of real estate enterprises. 

Thirdly, the construction of new real estate development models should be accelerated. Reforms should be carried out to improve fundamental systems in real estate development, financing, and sales, with careful timing in the introduction of new regulations under the new model. The reform of the housing provident fund system should be deepened, gradually establishing 'new' practices while phasing out 'old' ones, and promoting a smooth transition between the old and new models.