Government Work Report | This year, 300 billion yuan of ultra-long-term special treasury bonds will be arranged to support the exchange of old products for new products

2025-05-05

The Third Session of the 14th National People's Congress opened in the Great Hall of the People on the morning of the 5th. Xi Jinping and other party and state leaders attended the opening meeting, and Premier Li Qiang delivered a government work report to the conference.

Government Work Report: Implement special actions to boost consumption. Formulate special measures to improve consumption capacity, increase high-quality supply, and improve the consumption environment, release diversified and differentiated consumption potential, and promote consumption quality improvement and upgrading. Promote residents' income increase through multiple channels, promote income increase and burden reduction for middle- and low-income groups, and improve the normal wage growth mechanism for workers. A super-long-term special treasury bond of 300 billion yuan will be allocated to support the exchange of old for new consumer goods. Starting from relaxing access, reducing restrictions, and optimizing supervision, we will expand the supply of diversified services such as health, elderly care, childcare, and housekeeping. Innovate and enrich consumption scenarios, and accelerate the development of new consumption such as digital, green, and intelligent. Implement and optimize the vacation system to release consumption potential such as culture, tourism, and sports. Improve the duty-free shop policy and promote the expansion of inbound consumption. Deepen the construction of international consumption center cities and improve the county-level commercial system. Improve the full-scope consumption statistics system. Strengthen consumer rights protection and create a safe and secure consumption environment.

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