Speed Reading the Government Work Report

Release Date:

2024-03-06 16:38

Source:

Quality and Certification

The second session of the 14th National People's Congress opened on the morning of the 5th at the Great Hall of the People, with party and state leaders including Xi Jinping attending the opening meeting. Premier Li Qiang delivered the government work report to the congress.

Review of Achievements in 2023

Gross Domestic Product exceeded 126 trillion yuan, growing by 5.2%.
Urban new employment reached 12.44 million, with an average urban surveyed unemployment rate of 5.2%.
The domestically produced large aircraft C919 entered commercial operation, the domestically built large cruise ship was successfully constructed, and the production and sales of new energy vehicles accounted for over 60% of the global share.
Grain output reached 1.39 trillion jin, setting a new historical high.
The installed capacity of renewable energy power generation historically surpassed that of thermal power, with new installations accounting for more than half of the global total for the year.
Per capita disposable income of residents increased by 6.1%, and rural residents' income in poverty alleviation areas grew by 8.4%.
The standard for the special additional deduction of individual income tax for "one elderly and one child" was raised, benefiting more than 66 million taxpayers.
Tax and fee reductions and exemptions added up to more than 2.2 trillion yuan for the year.
Exports of the "new three" products—electric vehicles, lithium batteries, and photovoltaic products—increased by nearly 30%.

Situation Assessment for This Year

This year, China's development environment still presents both strategic opportunities and risks and challenges, with favorable conditions outweighing unfavorable factors.
China has significant institutional advantages, demand advantages from a super-large-scale market, supply advantages from a complete industrial system, and talent advantages with many high-quality workers. Its scientific and technological innovation capability continues to improve, new industries, new models, and new driving forces are accelerating and growing, endogenous development momentum is continuously accumulating, and the basic trend of economic recovery and long-term improvement remains unchanged and will not change. Confidence and resolve must be strengthened.
At the same time, it is necessary to adhere to bottom-line thinking and make full preparations to cope with various risks and challenges.

Main Development Expectations for 2024

GDP growth of about 5%.
Urban new employment of more than 12 million, with an urban surveyed unemployment rate of about 5.5%.
Resident consumer price increase of about 3%; resident income growth synchronized with economic growth.
International balance of payments to remain basically balanced.
Grain output of more than 1.3 trillion jin.
Energy consumption per unit of GDP to decrease by about 2.5%, with continuous improvement in ecological environment quality.

Government Work Tasks for 2024

The deficit rate is planned to be arranged at about 3%, with a deficit scale of 4.06 trillion yuan.
General public budget expenditure scale of 28.5 trillion yuan, an increase of 1.1 trillion yuan over the previous year.
Starting this year, ultra-long-term special government bonds are planned to be issued for several consecutive years, specifically for the implementation of major national strategies and the construction of key security capabilities. This year, 1 trillion yuan will be issued first.
Effectively implement structural tax and fee reduction policies, focusing on supporting technological innovation and manufacturing development.
Incorporate non-economic policies into the consistency assessment of macro policy orientation and strengthen policy coordination.
Enterprise-related policies should emphasize communication with the market and respond to enterprise concerns.
Formulate future industry development plans, open new tracks such as quantum technology and life sciences, and create a batch of future industry pilot zones.
Vigorously promote the construction of a modern industrial system and accelerate the development of new quality productive forces.
Carry out the "Artificial Intelligence+" initiative to build internationally competitive digital industry clusters.

Implement actions to improve the quality and excellence of basic education, accelerate the high-quality and balanced development of compulsory education, and promote urban-rural integration.
Continue to deepen the "double reduction" policy.
Vigorously develop digital education.
Support capable enterprises to lead major research and development tasks.
Accelerate the formation of a basic system supporting comprehensive innovation and improve the "listing and commanding" mechanism.
Actively cultivate new consumption growth points such as smart homes, cultural tourism, sports events, and trendy domestic products.
Encourage and promote the trade-in of consumer goods.
Strengthen consumer rights protection and implement the paid leave system.
Central budget investment is planned to be arranged at 700 billion yuan this year.
Implement new government and social capital cooperation mechanisms and encourage private capital participation in major project construction.
Establish a guidance system for optimizing the layout and structural adjustment of the state-owned economy.
Formulate standards and guidelines for the construction of a unified national market.
Build a pilot zone for high-level socialist market economy system reform.
Fully implement the negative list for cross-border service trade.
Completely remove foreign investment access restrictions in the manufacturing sector and relax market access in telecommunications, medical care, and other service industries.
Strengthen foreign investment service guarantees and build the "Invest in China" brand.
Improve convenience for foreign personnel working, studying, and traveling in China.
Optimize real estate policies and provide equal support for reasonable financing needs of real estate enterprises of different ownership types.
Adapt to new urbanization development trends and changes in real estate market supply and demand, and accelerate the construction of new real estate development models.
Launch a pilot program to extend the second round of land contract expiration by 30 years in entire provinces.
Prioritize accelerating the urbanization of agricultural migrant populations, deepen household registration system reform, and improve the policy linking "people, land, and money."
Cultivate and develop county economies, address infrastructure and public service shortcomings, and make counties important carriers of new urbanization.
Enhance carbon emission statistics, accounting, and verification capabilities, and establish a carbon footprint management system.
Strengthen support for industries and enterprises with large employment capacity.
Expand pilot programs for occupational injury protection for new forms of employment.
Increase the per capita financial subsidy standard for resident medical insurance by 30 yuan. Raise the minimum monthly basic pension standard for urban and rural residents by 20 yuan.
Implement the personal pension system nationwide and actively develop the third pillar of pension insurance.
Strengthen the supply of elderly products and services, and vigorously develop the silver economy.
Improve fertility support policies, optimize the maternity leave system, and perfect the reasonable cost-sharing mechanism for employers.
Conduct the fourth national cultural relics census.
Prepare well for participation in the 2024 Olympic and Paralympic Games.
Enhance public safety governance and promote the transformation of governance models towards proactive prevention.
Strengthen national defense education, national defense mobilization, and the construction of reserve forces.

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