(Xinhua) The 14th National People’s Congress (NPC), China’s national legislature, opened its second session Tuesday at the Great Hall of the People in Beijing.
Xi Jinping, Li Qiang, Wang Huning, Cai Qi, Ding Xuexiang, Li Xi and Han Zheng were present at the opening meeting, which was attended by nearly 3,000 NPC deputies.
Zhao Leji, executive chairman of the session’s presidium, presided over the meeting.
Premier Li Qiang delivered a government work report at the meeting.
In the face of an unusually complex international environment and the challenging tasks of advancing reform and development and ensuring stability at home, China accomplished main goals and tasks for economic and social development in 2023 and made solid advances in building a modern socialist country in all respects, Li said when delivering the government work report to the session.
Reviewing the work that was carried out last year, he said the government strengthened macro regulation and promoted steady economic recovery and growth. Other work he listed includes promoting industrial upgrading through innovation, deepening reform, expanding opening up, and improving the business environment.
While recognizing the achievements, Li acknowledged problems and challenges, vowing that the government will face them head-on, make every effort to deliver, and do its utmost to live up to the expectations and trust of the people.
Li said the year 2024 marks the 75th anniversary of the founding of the People’s Republic of China, and it is a crucial year for fulfilling the objectives and tasks set out in the 14th Five-Year Plan. He disclosed major targets for this year’s development, including a GDP growth of around 5 percent, the creation of over 12 million jobs in urban areas, and a CPI increase of around 3 percent.
To achieve the targets, the premier called for more efforts to advance high-quality development, promote better interplay between an efficient market and a well-functioning government, and further stimulate and boost the vitality of the society.
Li outlined major tasks for 2024, including striving to modernize the industrial system and developing new quality productive forces at a faster pace, invigorating China through science and education, expanding domestic demand, continuing to deepen reform and pursuing higher-standard opening up.
He also elaborated on work related to improving government performance, ethnic and religious affairs, national defense and military development, the development of Hong Kong and Macao, cross-Strait relations, and foreign policy.
Lawmakers reviewed a report from the State Council on the implementation of the 2023 plan for national economic and social development and on the 2024 draft plan, as well as the draft plan for national economic and social development in 2024.
They also reviewed a report from the State Council on the execution of the central and local budgets for 2023 and on the draft central and local budgets for 2024, as well as the draft central and local budgets for 2024.
Li Hongzhong, vice chairman of the NPC Standing Committee, explained a draft revision to the Organic Law of the State Council at the opening meeting. The draft revision consists of 20 articles.
The law is of crucial significance to ensuring that the State Council performs its duties in accordance with the Constitution and other laws, the explanation stated.
China unveils 2024 growth targets with focus on high-quality development
(Xinhua) China seeks to achieve a GDP growth rate of around 5 percent for 2024, the latest signal that the world’s second-largest economy is committed to high-quality development despite uncertainties at home and abroad.
The projected goal, which remains unchanged from the previous year’s growth target, is one of the key development objectives unveiled in the government work report delivered by Premier Li Qiang to the national legislature, which began its annual session Tuesday.
In 2024, China aims to create over 12 million jobs in urban areas, and keep the surveyed urban unemployment rate at about 5.5 percent, said the report. The country also plans to spend 1.66554 trillion yuan (around 234.5 billion U.S. dollars) on defense, up 7.2 percent, and sets an inflation target of about 3 percent.
A REASONABLE GOAL
The GDP growth target of around 5 percent for this year was set after the Chinese economy showed solidity and resilience in 2023 by recording year-on-year growth of 5.2 percent.
“In setting the growth rate at around 5 percent, we have taken into account the need to boost employment and incomes and prevent and defuse risks,” Li said.
This growth rate is well aligned with the objectives of the 14th Five-Year Plan and the goal of basically realizing modernization. It also takes account of the potential for growth and the conditions supporting growth and reflects the requirement to pursue progress and strive to deliver, according to Li.
Han Baojiang, a professor with the Party School of the Communist Party of China Central Committee (National Academy of Governance) and a national political advisor, said the GDP growth objective is both “down-to-earth and uplifting” and shows that the government continues to emphasize the quality of growth.
Tian Xuan, vice dean with Tsinghua University’s PBC School of Finance and a national lawmaker, said the projected growth rate is in line with the availability of policy tools and the sustainability of economic development, leaving ample room for promoting the shift of growth drivers and coping with external uncertainties.
AMPLE POLICY TOOLS
The report also noted multiple difficulties and challenges that the country is facing, such as an insufficiently solid foundation for sustained economic recovery and growth and a lack of effective demand.
“Achieving this year’s targets will not be easy, so we need to maintain policy focus, work harder, and mobilize the concerted efforts of all sides,” Li said.
A proactive fiscal policy and a prudent monetary policy will be continued in 2024, according to the report. An array of measures to boost growth this year have also been disclosed, including 3.9 trillion yuan of special-purpose bonds for local governments and the issuing of ultra-long special treasury bonds.
Meanwhile, the country will address both the symptoms and root causes to defuse risks in real estate, local government debt, and small and medium-sized financial institutions to safeguard overall economic and financial stability, the report said.
“China has a rather plentiful and flexible set of policy tools to maintain stable economic growth and cope with external headwinds,” said Zhuang Yumin, dean of the School of Finance with Renmin University of China and a national lawmaker, citing the country’s introduction of structural monetary and fiscal tools to offer targeted support for specific fields as an example.
The consistency of the macro policy orientation should be enhanced, the report stressed.
GROWTH DRIVERS IN PLACE
To underpin the country’s high-quality development, the report has outlined major pro-growth steps to drive the economy.
China will launch a year-long program to stimulate consumption, and launch policies to promote digital, environmentally-friendly, and health-related consumption, the report said.
The report also revealed that China will increase effective investment. This year, 700 billion yuan will be earmarked in the central government budget for investment.
A series of tasks to modernize the industrial system and develop new quality productive forces at a faster pace are outlined in the report, including industrial and supply chain improvement and upgrade, and the cultivation of emerging industries and future-oriented industries such as hydrogen power, new materials, bio-manufacturing, commercial spaceflight, quantum technology and life sciences.
China also plans to implement measures to ensure the national treatment for foreign-funded enterprises, vowing more efforts to attract foreign investment.
Jiang Ying, Deloitte China chair and a national political advisor, said China has a huge market and the country remains open-minded in seeking to continuously improve its business environment. “The Chinese economy offers plentiful opportunities, creating development space for all kinds of market players.”
Highlights of Chinese government work report
(Xinhua) The following are the highlights of the Chinese government work report submitted Tuesday to the national legislature for deliberation.
— 2024 GDP growth target: Around five per cent
— Creating over 12 million jobs in urban areas
— Ratio of deficit to GDP: Three per cent
— Special-purpose bonds for local governments: 3.9 trillion yuan
— Issuing ultra-long special treasury bonds
— Launching AI Plus initiative
— Enhancing disruptive and frontier technology research
— Launching year-long programme to stimulate consumption
— Investment from central government budget: 700 billion yuan
— Expanding domestic demand
— Ensuring national treatment for foreign-funded enterprises
— Working toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
— Pursuing higher-standard opening up
— Defusing risks in property, local debt, small and medium-sized financial institutions
— Ensuring both development and security
— Advancing energy revolution
— Opposing “Taiwan independence” and external interference
— Upholding international fairness and justice
