Implementing more proactive, effective macro policies to help China accomplish main goals, tasks in 2025: official

The implementation of more proactive and effective macroeconomic policies next year will play a crucial role in boosting China's economic growth and accomplishing its main goals and tasks 2025, an official from the Office of the Central Committee for Financial and Economic Affairs said on Saturday in Beijing.

Speaking at the Annual Conference on China's Economy 2024-2025, organized by the China Center for International Economic Exchanges(CCIEE), Han Wenxiu, executive deputy director of the committee, said the more proactive policies involve both a more proactive fiscal policy and a moderately loose monetary policy, which have changed significantly compared with the previous years.

"This will help strengthen counter-cyclical adjustments, better address instability and uncertainty in economic operations, and provide strong policy support for achieving the annual goals and tasks. The new policy wordings carry significant values and specific plans will be unveiled at the 'two sessions'," said Han.

The "two sessions" refer to the annual sessions of the National People's Congress (NPC), China's top legislature, and the Chinese People's Political Consultative Conference (CPPCC) National Committee, China's top political advisory body, slated for March every year.

Han also said that in 2025, the fiscal deficit ratio will be increased, the scale of the deficit will be expanded, and the issuance of ultra-long special treasury bonds and local government bonds will be increased, which will enhance the intensity of fiscal spending to ensure a positive impact on economic growth.

"A moderately loose monetary policy should be implemented to further leverage the dual functions of monetary policy tools in terms of both total volume and structure. Timely adjustments to reserve requirements and interest rates should be made, and tools such as open market operations should be effectively utilized to maintain ample liquidity. Continuous efforts should be made to support the real economy, while also exploring and expanding the central bank's macro-prudential and financial stability functions, innovating financial tools, and maintaining stability in the financial markets," said Han.

Implementing more proactive, effective macro policies to help China accomplish main goals, tasks in 2025: official

California and a coalition of 19 other states are suing the administration of U.S. President Donald Trump over its policy to hike fees on new H-1B visa petitions to 100,000 U.S. dollars, California Attorney General Rob Bonta said Friday.

The Trump administration announced in September to impose the fee for H-1B visas, claiming that the non-immigrant visa program "has been deliberately exploited to replace, rather than supplement, American workers with lower-paid, lower-skilled labor."

Bonta said in a declaration that, as president, Trump has no authority to impose this fee. The declaration pointed out that significantly increasing this visa fee has brought various adverse effects on industries such as education and healthcare in the United States.

Trump announced in September the imposition of sharply higher visa fees, saying the move is intended to ensure that the U.S. brings in high-skilled talent that cannot be replaced by American workers. Previously, companies typically paid several thousand U.S. dollars in fees for H-1B visas.

U.S. media analyses say the new high visa fees will affect technology giants such as Amazon, Microsoft and Google.

The H-1B visa is a non-immigrant visa in the United States that allows U.S. employers to hire foreign workers in specialty occupations. This visa is designed for highly qualified individuals, including those in fields such as technology, engineering, and healthcare.

Twenty U.S. states sue Trump's fee hike of H-1B visas