At a press conference hosted by the State Council Information Office on Monday, Chinese authories outlined new policies aimed at stabilizing employment, supporting economic growth, and promoting high-quality development. Key points include:

► Zhao Chenxin, Deputy Director of the NDRC:

• China still has abundant policy reserves and ample room for maneuver; new measures for stabilizing employment and the economy will be launched once ready.

• Special actions to boost consumption, use of 5 trillion yuan (US$ 694 billion) in national-level investment funds, and the establishment of a national venture capital guiding fund will mostly be implemented in Q2.

• Maintain open-ended, ongoing policy research and preparation to introduce additional support measures when needed.

• Expressed strong confidence in achieving this year's economic and social development targets.

• Criticized the U.S. proposal of "reciprocal tariffs" as self-defeating and bound to fail.

• Highlighted the enormous potential for expanding domestic demand.

• The second batch of funds for consumer goods replacement programs has been allocated, with nearly 140 billion yuan more to be distributed soon.

• Introduce a child-rearing subsidy system and issue additional car purchase quotas for families without vehicles and those stuck in long-term lottery systems.

• Include industrial software upgrades in the "Two New" policy support, aiming to finalize all 2025 "Two Major" construction and central budget investment project lists by end-June.

• Assured that China’s food security is firmly in its own hands; imports of U.S. feed grains and oilseeds will not affect domestic food supply.

• Stated that reduced or halted imports of U.S. energy will not impact China's energy security.

► Sheng Qiuping, Vice Minister of Commerce:

• Promote rent, booth fee, and data traffic fee reductions for struggling enterprises.

• Lower domestic sales costs for foreign trade companies.

• Establish special credit tools to support the export of large-scale equipment, enhancing foreign trade companies' ability to secure orders.

► Zou Lan, Deputy Governor of the People's Bank of China:

• Implement timely cuts to reserve requirement ratios (RRR) and interest rates; introduce new structural monetary policy tools.

• Guide financial institutions to avoid withdrawing or cutting loans to SMEs heavily reliant on foreign trade but temporarily facing difficulties.

• Expand financing channels for private enterprises with more targeted measures.

• Stressed that changes in single markets or assets have limited overall impact on China's foreign exchange reserves.

• Pledged to correct pro-cyclical market behaviors, clamp down on actions that disrupt market order, and prevent excessive exchange rate fluctuations, keeping the RMB basically stable at a reasonable, balanced level.

► Yu Jiadong, Vice Minister of Human Resources and Social Security:

• Emphasized that China’s employment policy toolkit is robust, with reserves to support job creation, stabilize existing jobs, and enhance workers’ skills and entrepreneurship.

• Speed up the rollout of new measures, including expanded support for companies creating new jobs, greater employment subsidies for individuals, and higher unemployment insurance refunds for companies heavily impacted by tariffs.

• Work to create targeted training programs across different industries and sectors.