Chinese Premier Li Qiang started delivering a government work report on behalf of the State Council at the opening meeting of the second session of the 14th National People's Congress, held at the Great Hall of the People on Tuesday morning.
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China targets economic growth of around 5 pct in 2024
China targets economic growth of around 5 percent in 2024, according to a government work report submitted Tuesday to the national legislature for deliberation.
The country expects to create over 12 million jobs in urban areas and keep the surveyed urban unemployment rate at around 5.5 percent this year, according to the report.
A proactive fiscal policy and a prudent monetary policy will be continued, with the ratio of deficit to gross domestic product (GDP) set at 3 percent and the government deficit to rise by 180 billion yuan from the 2023 budget figure.
The country will see 3.9 trillion yuan of special-purpose bonds for local governments to be issued this year, up by 100 billion yuan from last year.
It will also issue ultra-long special treasury bonds over each of the next several years for the purpose of implementing major national strategies and building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year, the report said.
The consistency of the macro policy orientation should be enchanced, it said.
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China accomplishes major targets of 2023
China has accomplished its major economic and social development targets and tasks of 2023, despite multiple difficulties and challenges from home and abroad, according to a government work report submitted Tuesday to the national legislature for deliberation.
China's gross domestic product expanded 5.2 percent last year, ranking China among the fastest-growing major economies in the world, according to the report.
The country created 12.44 million urban jobs in 2023, with the average surveyed urban unemployment rate at 5.2 percent. The consumer price index rose 0.2 percent, and a basic equilibrium was maintained in the balance of payments, the report said.
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Chinese people able to prevail over any difficulty or obstacle: report
Under the strong leadership of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at its core, Chinese people have the courage, vision and strength to prevail over any difficulty or obstacle, according to a government work report submitted Tuesday to the national legislature for deliberation.
Over the past year, China has encountered many interwoven difficulties and challenges. Internationally, the world was faced with weak economic recovery, intensifying geopolitical conflicts, and rising protectionism and unilateralism. Domestically, after a three-year COVID-19 epidemic, many difficulties facing China's economic recovery and development had yet to be resolved. While deep-seated, long-standing issues became more pronounced, many new developments and problems emerged.
The report also noted multiple difficulties and challenges that the country is witnessing. For example, the foundation for China's sustained economic recovery and growth is not solid enough, and there is still a lack of effective demand. Some small and medium-sized enterprises face difficulties in operation. The country is confronted with both pressure on overall job creation and structural employment problems. Some primary-level governments are facing fiscal difficulties.
There is also room for improvement in the work of the government. Pointless formalities and bureaucratism remain acute. Some officials lack the readiness to get down to work, evade responsibilities, and do their work in a perfunctory way. Corruption remains a common problem in some sectors, according to the report.
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China pledges proactive fiscal policy, prudent monetary policy in 2024
China will continue to implement a proactive fiscal policy and a prudent monetary policy this year, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China aims to create over 12 mln urban jobs in 2024
China aims to create over 12 million jobs in urban areas this year, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China sets deficit-to-GDP ratio of 3 pct for 2024
China has set its ratio of deficit to gross domestic product (GDP) at 3 percent for 2024, with the government deficit to rise 180 billion yuan from the 2023 budget figure, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China to issue more local gov't special-purpose bonds in 2024
China will see 3.9 trillion yuan of special-purpose bonds for local governments to be issued in 2024, 100 billion yuan more than last year, according to a government work report submitted Tuesday to the national legislature for deliberation.
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Promoting high-quality development hinges on reform: report
Promoting China's high-quality development ultimately hinges on reform, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China to issue ultra-long special treasury bonds in years to come
China will issue ultra-long special treasury bonds over each of the next several years for the purpose of implementing major national strategies and building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China to consolidate leading position in intelligent connected new-energy vehicles: report
China will consolidate and enhance its leading position in industries such as intelligent connected new-energy vehicles, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China to step up research on disruptive, frontier technologies: report
China will step up research on disruptive and frontier technologies, according to a government work report submitted Tuesday to the national legislature for deliberation.
Efforts will be made to invigorate China through science and education and consolidate the foundations for high-quality development, it said.
The country will enhance its capacity for original innovation and cultivate more first-class scientists and innovation teams, it added.
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China to launch year-long program to stimulate consumption
To improve the consumption environment, China will launch a year-long program to stimulate consumption, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China to earmark 700 billion yuan in central gov't budget for investment in 2024
China will earmark 700 billion yuan in the central government budget for investment in 2024, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China to work toward joining CPTPP: report
China will work toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to a government work report submitted Tuesday to the national legislature for deliberation.
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China opposes "Taiwan independence," external interference
China resolutely opposes "Taiwan independence" separatist activities and external interference, and promotes the peaceful development of cross-Strait relations, according to a government work report submitted Tuesday to the national legislature for deliberation.
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SOEs, private and foreign enterprises all important forces in China's modernization: report
State-owned enterprises (SOEs), private enterprises and foreign-funded enterprises are all important forces in China's modernization, said a government work report submitted Tuesday to the national legislature for deliberation.
Vowing to remain firm in deepening reform, the report said China will work to spur dynamism of all kinds of market entities. The country will build more world-class enterprises and fully implement the guidelines on facilitating the growth of the private sector and their supporting measures, the report said.
China will formulate a standard guidance to accelerate the construction of a unified national market, the report said, adding that the standardization of rules and institutions will be stepped up in property rights protection, market access, fair competition, social credit and other areas.
China will continue to reform the fiscal, taxation, and financial sectors, it said.
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China to ensure national treatment for foreign-funded enterprises
China will implement measures to ensure the national treatment for foreign-funded enterprises, according to a government work report submitted Tuesday to the national legislature for deliberation.
To pursue higher-standard opening up and promote mutual benefits, the country will promote alignment with high-standard international economic and trade rules, and steadily expand institutional opening up, the report said.
More efforts will be exerted to attract foreign investment. All market access restrictions on foreign investment in manufacturing will be abolished, and market access restrictions in services sectors, such as telecommunications and healthcare, will be reduced, the report said.
Work will also be done to make China a favored destination for foreign investment, it said, adding that solid progress will be pursued in the high-quality Belt and Road cooperation.
China will deepen multilateral, bilateral and regional economic cooperation, and work toward joining the Digital Economy Partnership Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, it added.
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China to advance energy revolution: report
China will advance the energy revolution and actively and prudently work toward peaking carbon dioxide emissions and achieving carbon neutrality, according to a government work report submitted Tuesday to the national legislature for deliberation.
The country will also enhance ecological conservation and promote green and low-carbon development, including taking comprehensive steps to improve the environment, and boosting the green and low-carbon economy, the report said.
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China to launch AI Plus initiative: report
China will launch an AI Plus initiative, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China to defuse risks in real estate, local gov't debt, small and medium-sized financial institutions
China 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, according to a government work report submitted Tuesday to the national legislature for deliberation.
Efforts will be made to ensure both development and security, and effectively prevent and defuse risks in key areas, the report said.
More work will be done to move faster to foster a new development model for real estate, and ensure energy and resource security by stepping up the exploration and development of oil, natural gas, and strategic mineral resources, the report said.
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China to promote employment of young people: report
China will strengthen measures to promote the employment of young people, and improve guidance for them to find jobs or start businesses, according to a government work report submitted Tuesday to the national legislature for deliberation.
The country will apply a combination of measures to ensure stability in employment and promote income growth, the report said, adding that the number of college graduates is expected to surpass 11.7 million this year.
The report said China will enhance its capacity of medical and health services, improve social security and services, and pursue a proactive national strategy in response to population aging. The private pension system will be implemented nationwide.
People's intellectual and cultural life will be enriched. The country's security and social stability will be safeguarded, according to the report.
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China to continue to implement principle of patriots administering Hong Kong, Macao
China will continue to implement the principle that Hong Kong and Macao are administered by patriots, according to a government work report submitted Tuesday to the national legislature for deliberation.
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China to advance integrated urban-rural development, coordinated regional development: report
China will advance integrated urban-rural development and coordinated regional development, according to a government work report submitted Tuesday to the national legislature for deliberation.
The country will actively promote new urbanization and enhance coordinated regional development, according to the report.
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China to expand domestic demand
China will expand domestic demand and integrate the strategy of expanding domestic demand with efforts to deepen supply-side structural reform, according to a government work report submitted Tuesday to the national legislature for deliberation.
China will promote steady growth in consumption spending, and launch policies to promote digital, environmentally-friendly, and health-related consumption. The country will also boost spending on intelligent connected new-energy vehicles, electronic products, and other big-ticket items, it said.
To improve the consumption environment, China will launch a year-long program to stimulate consumption, it said.
It also said that China will increase effective investment. This year, 700 billion yuan will be earmarked in the central government budget for investment.
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China to modernize industrial system, develop new quality productive forces
China will strive to modernize the industrial system and develop new quality productive forces at a faster pace, according to a government work report submitted Tuesday to the national legislature for deliberation.
The report listed a series of tasks in this respect, including industrial and supply chain improvement and upgrade, and the cultivation of emerging industries and future-oriented industries such as hydrogen power, new materials, biomanufacturing, commercial spaceflight, quantum technology and life sciences. Innovative development of the digital economy will be promoted, with an AI Plus initiative to be launched.
The country will consolidate and enhance its leading position in industries such as intelligent connected new-energy vehicles, the report said.
