The National Committee of the Chinese People's Political Consultative Conference (CPPCC) held a symposium on April 17 to review and analyze China's macroeconomic situation in the first quarter of 2025. Wang Yong, vice-chairman of the CPPCC National Committee, addressed the meeting.

Officials from the National Bureau of Statistics (NBS) briefed participants on the country's economic performance in the first quarter, while representatives from the All-China Federation of Industry and Commerce (ACFIC) shared updates on the development of private enterprises. The National Development and Reform Commission (NDRC) provided a written report on relevant information to the meeting.

A number of CPPCC National Committee members delivered in-depth analysis and assessments of the current and upcoming macroeconomic situation from various perspectives and provided policy recommendations on further consolidating and enhancing the positive momentum of economic recovery.

According to data released by the NBS, China's gross domestic product (GDP) grew by 5.4 percent year-on-year in the first quarter, 0.4 percentage points higher than the growth rate for last year. 

CPPCC members noted that China's economy showed continued recovery and steady improvement in the first quarter, despite the external impacts and domestic challenges, signaling a strong start to the year. It is the result of the scientific guidance of the central leadership, the coordinated efforts of all regions and departments, and the unity of the country and the people, they noted.  

The rising complexity, severity, and uncertainty of the external environment requires continued and intensified efforts to sustain economic growth, they said.

The members called for full implementation of the guiding principles of the Central Economic Work Conference and this year's two sessions, and adoption of more proactive and effective macroeconomic policies. 

They also highlighted the importance of expanding domestic demand, including ensuring the full delivery of measures to improve people's livelihoods and boost consumption, in increasing effective investment, stabilizing market expectations, and invigorating trade.

They recommended improving the effectiveness of China's major economic policies concerning the large-scale renewal of equipment and the trade-in of consumer goods, as well as the implementation of major national strategies and security capacity building in key areas, enhancing the dynamic adaptability between supply and demand, and reinforcing the role of the industrial sector as both a stabilizer and driver of growth. Accelerated development of high-tech industries is needed to drive the high-quality development of new quality productive forces, the members added.

Other suggestions proposed by the members included optimizing the allocation of financial resources to better support the real economy, improving the housing support system, and effectively lowering overall logistics costs. In response to challenges from ongoing tariff conflicts, CPPCC members stressed the need to firmly oppose extreme pressure and unreasonable demands from the US, increase support for export enterprises, expand domestic sales channels, and improve the domestic environment to boost business confidence.

Officials from the CPPCC National Committee General Office and relevant special committees, along with members from the Committee on Economic Affairs, and industry and commerce representatives attended the meeting. Representatives from the NDRC, Ministry of Finance, the People's Bank of China, the NBS, and the ACFIC also participated in the meeting.