China’s National People’s Congress and the Chinese People’s Political Consultative Conference met in early March to lay down the country’s main economic targets for 2025. As expected, the main target is once again real gross domestic product growth at around 5% and consumer price index inflation of around 2%. This real growth will have to be achieved by an increase in the deficit to GDP ratio of 4%, up from the previous 3%. Special local government bond quotas will be allowed to increase by 4.4%, compared with 3.9% previously.