Major powerhouses vow to spur economy

Following the Central Economic Work Conference, several provinces and regions that are considered major economic driving forces in China have held meetings to arrange economic work for 2025, including major initiatives to further support the national economy.

On Saturday, Southwest China's Sichuan Province held a meeting on development and reform in the provincial capital of Chengdu. Among the major highlights of the meeting, Sichuan, which is considered a major economic powerhouse, will implement 810 major projects in an effort to revitalize private investment.

The meeting pointed out that it is necessary to stimulate domestic demand, and give full play to the key role of investment and the basic role of consumption, according to a post on the official website of the Central Government on Sunday.

The province also pledged to step up efforts in areas such as bolstering innovation and infrastructure. In terms of innovation, Sichuan aims to build a nationally influential science and technology innovation center, jointly build a low-altitude economic development highland, promote high-quality development of the digital economy, and accelerate the creation of a modern industrial system with Sichuan's characteristics.

Other major economic powerhouses also held similar meetings to arrange economic work for 2025. On December 24, East China's Jiangsu, which plays a critical role in the overall Chinese economy, held a meeting on economic work.

The meeting noted that as a major economy and a province that focuses on opening-up, Jiangsu has maintained stable economic operations, and the resilience of the economy has continuously improved, further accumulating advantages in areas such as industry, science and technology, talent and business environment.

Central China's Henan Province also held a meeting on the economy, according to Henan Daily on December 25. For economic work in 2025, the meeting said that the province will also focus on unleashing the potential for consumption, stepping up investment in innovation, and improving the business environment.

These are just three examples of Chinese economic powerhouses looking to further boost the economy, but they also underscored efforts nationwide to ensure stable economic growth in 2025, an economist said on Sunday.

In particular, in the field of boosting domestic demand, "China is focused on major economic powerhouses leveraging their roles in leading the national economy," Li Changan, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics, told the Global Times on Sunday.

Li said that through the efforts of the leading economic bases, other areas will also follow suit. "Through these measures to stabilize growth in these economically developed provinces, the development of other places can be effectively lifted. This is a typical feature of the Chinese economy," the economist said.

Xi Junyang, a professor at the Shanghai University of Finance and Economics, said that the economic powerhouses are also planning their development goals based on their own advantages, with each province and region focusing on their own industries.

"However, these provinces have a relatively large impact on the national economy and account for a relatively high proportion of the GDP. Therefore, if these development goals are pursued by the provinces, they will play an important role in driving the economic development of our entire country. They will promote the economic development of our entire country next year," Xi Junyang told the Global Times on Sunday.