(6 Mar 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Beijing – 6 March 2025
1. Wide of officials arriving at briefing
2. Wide of briefing
3. Journalists
4. SOUNDBITE (Mandarin) Zheng Shanjie, National Development and Reform Commission Chairperson:
“We will build the national venture capital guidance fund, which will mobilize around one trillion yuan locally and private capital. This policy is to give a focus on hardcore technology, adhere to long cycle (major technological revolutions) and increase tolerance for risk. We will get this money to innovative-driven businesses in a market-based manner.”
5. Journalists
6. SOUNDBITE (Mandarin) Wang Wentao, Chinese Minister of Commerce:
“At the same time, we will need to note that domestic demands remain sluggish and the potential of consumption is yet to be fully released. Specifically, the main problems with consumption in goods include the weak capability and willingness and dampened effective demand. While the main problem in service consumption is the lack of high quality supply.”
7. Wide of briefing
8. Journalists
9. SOUNDBITE (Mandarin) Lan Fo’an, Chinese Minister of Finance:
“We will coordinate existing policies with incremental policies, coordinate the optimization of supply with the expansion of demand, coordinate the boost in consumption with the improvement of people’s livelihoods, coordinate the stimulation of current consumption with the enhancement of economic development momentum, study and formulate more forceful and more precise policy measures, and provide practical support for boosting consumption.”
10. Wide of briefing
11. SOUNDBITE (Mandarin) Pan Gongsheng, People’s Bank of China Governor:
"This year, we will lower the RRR (reserve requirement ratio) and interest rates at an appropriate time based on the domestic and international economic and financial situation and financial market operation. The Premier (Li Qiang) also made this very clear in his government work report yesterday. At present, the average deposit reserve ratio of financial institutions is 6.6%, which still has room for reduction. The interest rate of the structural monetary policy tool funds, provided by the Central Bank to commercial banks, also has room to be cut.”
12. Journalists
13. SOUNDBITE (Mandarin) Pan Gongsheng, People’s Bank of China Governor:
“The rising uncertainty of inflation trends and monetary policy adjustments in major developed economies has affected global market expectations and investment confidence, exacerbated the risk of volatility in international financial markets, and brought spill over effects on the stable operation of China’s economy and finance. We will keep monitoring, assessing and conducting early warning of domestic and foreign financial market risks, improve the disposal mechanism and response plan, strictly prevent and control external shock risks, and maintain China’s financial stability and national financial security.”
14. Journalists
15. Wide of briefing
STORYLINE:
China’s top economic planning official announced on Thursday in Beijing a government-backed fund that will be built to support technology startups.
Zheng Shanjie, the chairman of the National Development and Reform Commission, said that over one trillion yuan ($138 billion) will be mobilized this year and the money will “focus on hardcore technology, adhere to long cycle and increase tolerance for risk.”
China aims to achieve technological self-reliance as the United States has moved to limit China’s access to advanced technologies, including semiconductors, over security concerns.
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