Cai Jianchun, Member of the National Committee of the Chinese People's Political Consultative Conference: This Year's Macro Policy Mix Will Provide Strong Support for Economic Recovery

Translated from Shanghai Securities News

On March 6, Cai Jianchun, a member of the National Committee of the Chinese People's Political Consultative Conference and President of Shanghai Stock Exchange, delivered a speech at the economic sector group meeting of the National Committee of the Chinese People's Political Consultative Conference.

Photo by reporter Chen Fang

◎NPC & CPPCC Report Group of Shanghai Securities News

Cai Jianchun, a member of the National Committee of the Chinese People's Political Consultative Conference and President of Shanghai Stock Exchange (SSE), delivered a speech at the economic sector group meeting of the National Committee of the Chinese People's Political Consultative Conference on March 6. He shared his thoughts on the government work report using three key terms: 'achievements, innovation, and confidence'.

First, the achievements are hard-won. Cai Jianchun said that amidst the complex and challenging domestic and international landscape, China's economy in 2024 exhibited a "smiling curve" — starting high, dipping in the middle, and rising later — making it particularly remarkable to achieve the expected growth target of 5%. These accomplishments are rooted in the strong leadership, calm response and comprehensive policy implementation of the CPC Central Committee, which also underscores the advantages of the socialist system with Chinese characteristics.

Second, innovation has gained momentum. Cai Jianchun noted that since last year, China has made new strides in industrial upgrading and enhanced its innovation capabilities. The global market share of new energy vehicles has surpassed 70%. Hangzhou's 'six leading technology companies' have sparked extensive discussions both domestically and internationally, and strategic emerging industries such as integrated circuits have achieved remarkable results.

"At present, half of China's integrated circuit enterprises have been listed on the SSE STAR Market, and their overall R&D investment intensity remains at 20%. Under such a development trajectory, there will undoubtedly be very high-quality enterprises." Cai Jianchun believes these data reflect the structure of China's economic development with better, new momentum. This year's Report on the Work of the Government includes "Embodied AI" for the first time, which also fully illustrates the CPC Central Committee's strategic vision and forward-looking planning in the frontier areas of scientific and technological innovation.

Third, confidence is rock-solid. "Based on the current situation and taking a long-term perspective, the Report on the Work of the Government has set an economic growth target of approximately 5% for this year, which aligns with China's actual conditions and the principles of economic development," stated Cai Jianchun. He emphasized that the fundamental strengths of China's economy—its stable foundation, robust resilience, and significant potential—remain unchanged. Furthermore, this year's unconventional macro policy mix will provide substantial support for economic recovery.

Additionally, Cai Jianchun noted that "stabilizing the real estate market" was included in the Report on the Work of the Government for the first time. "As participants in the capital market, we are acutely aware of our significant responsibilities and honorable mission. We are committed to implementing these directives upon our return," he affirmed.

The above information is provided for reference purposes only and does not constitute investment advice.