China’s Central Economic Work Conference (CEWC) always draws global attention, but this year’s discussions hit a different tone—urgent yet pragmatic, forward-looking yet deeply cognizant of immediate challenges. The country is facing a pivotal moment, caught between stabilizing its domestic economy and weathering external shocks. The 2025 blueprint, as revealed, is ambitious but also unusually cautious, a reflection of the tightrope policymakers are walking.