A worker inspects the operation of robotic arms in a factory in Jiangdu district, Yangzhou, East China's Jiangsu Province on October 9, 2024. In recent years, Jiangdu has ramped up efforts in promoting high-end manufacturing with new technologies to facilitate the cultivation of new quality productive forces in the region. Photo: VCG

As the clock ticked into 2025, several Chinese localities launched a new wave of major projects, with an emphasis on strategic emerging industries and technological innovation which underlines development of new quality productive forces.  

Chinese analysts said that the rapid advancement of projects offers a strong start to this year's economic development. The swift progress of projects can quickly generate tangible output, effectively driving investment growth and providing robust support for stable economic growth. It also stands to boost confidence and expectations for the first quarter's economic performance.

Chinese Premier Li Qiang has called for efforts to ensure the effective implementation of policies and secure a good start for this year's economic development during his inspection tour in the city of Jinan in East China's Shandong Province, the Xinhua News Agency reported.

While conducting the tour on Thursday, Li also stressed the need for efforts to implement policies as early as possible, seek rapid progress with projects and ensure that the measures yield tangible results.

Launch of major projects in multiple regions

At the beginning of 2025, the Yangtze River Delta region in East China launched a new wave of projects, focusing on strategic emerging industries and accelerating innovation, according to Shanghai Securities News. 

On Thursday, the first working day of 2025, East China's Anhui Province held a meeting to kick off its first batch of 622 major projects this year, with a total investment of 405.75 billion yuan ($55.44 billion). There are 344 projects related to emerging industries, accounting for 55.3 percent of the total, the Xinhua News Agency reported.

Jinhua, East China's Zhejiang Province initiated 40 projects at the beginning of 2025, the largest being a solar energy project with investment totaling 7.24 billion yuan. Other major projects include a 5.89 billion yuan electric-vehicle supply chain innovation park and a 5 billion yuan auto parts production base, China Media Group reported.

In Shanghai's Yangpu district, 100 major projects were scheduled for 2025, including industrial development and urban renewal, according to the official website of Yangpu district government.

Xiamen in East China's Fujian Province launched a significant project launch event on Thursday, featuring 77 major projects totaling 77.5 billion yuan, covering various sectors. A total of 41.9 billion yuan has been invested in projects such as new energy, new materials, biomedicine, machinery and equipment, and the marine economy, according to the official website of the Xiamen municipal government.

In Wenchang, South China's Hainan Province, 23 projects were initiated with a total investment of 5.15 billion yuan, including key developments to promote the rocket and satellite industry cluster in the city, according to the official website of Hainan provincial government.

The beginning of this year has seen a surge in major projects across various regions, characterized by rapid progress and substantial investment scales. This trend reflects the unwavering confidence and determination of local governments and enterprises to drive economic development, as they take proactive measures to foster high-quality growth, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Friday.

"Among the newly launched projects, we are seeing a significant emphasis on technological innovation and strategic emerging industries, which underlines development for new quality productive forces. This shift toward forward-looking initiatives not only enhances the competitiveness and innovation capabilities of local industries but also creates new growth opportunities for sustainable economic development," Wang added.

Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Friday that these projects can generate a significant multiplier effect, effectively stimulate economic growth and foster the development of related industries.

"In this critical period of economic restructuring and transformation, these major projects often focus on emerging industries, and will play a vital role in promoting green development and facilitating economic transformation," Cong said, noting the progress is expected to enhance confidence and expectations for the economic growth in the first quarter this year.

In the first three quarters of 2024, China's fixed-asset investment rose 3.4 percent, spurred by vibrant capital influx into high-tech industries. Investment in the high-tech sector has seen rapid growth, while green industries, including electric vehicles, lithium-ion batteries and photovoltaic products, maintained double-digit increases, the Xinhua News Agency reported. 

China will increase investment in major projects and expand the scope of trade-in programs in 2025, according to a press conference held by the National Development and Reform Commission (NDRC), China's top economic planner, on Friday.

The NDRC said that projects supported by the 700 billion yuan ultra-long special treasury bonds for 2024 have mostly commenced, while investments exceeding 1.2 trillion yuan have been completed. Additionally, the project list for approximately 100 billion yuan for 2025 has been issued ahead of schedule.

The NDRC said it will further focus on improving investment efficiency, and effectively leverage the key role of investment in 2025.

Among these efforts, China will increase the issuance scale of the ultra-long special treasury bonds, expand the scope to support the implementation of major national strategies and build up security capacity in key areas, and further increase the proportion of government bond funds allocated to projects, according to the NDRC.

Broaden trade-in programs

The NDRC also said that China will increase the issuance of ultra-long special treasury bonds to broaden coverage and raise subsidy levels for large-scale equipment upgrades and consumer goods trade-ins this year. 

Subsidies will be implemented for the purchase of new digital products such as mobile phones, tablets, and smartwatches, offering financial incentives for individual purchases of these devices. 

Furthermore, the incentive levels for replacing new-energy city buses and upgrading power batteries, the updating of agricultural machinery, and the replacement of household furnishings and decorations are set to rise.

Looking ahead to 2025, China's expansive consumer market advantages remain steadfast and the consumer market is projected to sustain steady growth, the NDRC said.

Yang Delong, chief economist at Shenzhen-based First Seafront Fund told the Global Times on Friday that it shows that the policies are continuously being strengthened, and once again sends a positive signal of China's commitment to boosting high-quality economic growth. 

"It is expected that more policies supporting economic growth will be implemented by 2025," Yang said.