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March 8, 2025 Today's News

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The document discusses key developments from China's National People's Congress (NPC) and government work report. The NPC highlighted goals for 2025, including a GDP growth target of around 5%, over 12 million new urban jobs, and a controlled urban unemployment rate of 5.5%. Significant economic policies were announced, including a new initiative for upgrading equipment and consumer goods with subsidies, and projections for a record 1.745 billion express deliveries in 2024. The Hainan Free Trade Port is set to fully operate by the end of 2025, enhancing trade and investment freedoms. On diplomatic matters, Foreign Minister Wang Yi reaffirmed Taiwan's status as part of China and opposed any support for Taiwanese independence. In response to U.S. restrictions on Chinese drones, the Chinese Foreign Ministry criticized the broad application of "national security." Technological advancements include the application of AI in government operations and a report indicating that China's lithium reserves have risen to the second largest globally. Lastly, the document touches on South Korea's political situation and ongoing regional conflicts, particularly the fluctuating dynamics of the Russia-Ukraine situation amid U.S.-European tensions.

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 report of the Standing Committee of the National People's Congress and the work reports of 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, an urban unemployment rate controlled at 5.5%, and a CPI increase of about 2%.

  2. Legislation and Policy Direction

    • Emphasized the core of concluding the "14th Five-Year Plan" and advancing 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 world's 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 upgraded version 3.0 of the China-ASEAN Free Trade Area 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 sole legal 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 firmly protect 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 intelligence in government affairs.
    • The China Geological Survey announced that lithium 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 Asian economies 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 continues to be tried in a non-custodial state; the plan to expand enrollment in South Korean medical schools has been conditionally withdrawn.
  • Impact of Regional Conflicts: The Russia-Ukraine situation continues to fluctuate due to the games of Europe and the United States, with the U.S. and Ukraine planning to promote ceasefire negotiations in Saudi Arabia.
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