Highlights of 2025 Government Work Report

- China to issue more local government special-purpose bonds in 2025

- China to cut required reserve ratios, interest rates when appropriate in 2025

- China to issue more ultra-long special treasury bonds in 2025

- China to encourage long- and medium-term capital flow into market

- China to issue special treasury bonds to support state-owned lenders in replenishing capital

- China to introduce city-specific policies on property transaction restrictions