Chinese Premier Li Qiang delivered the annual government work report to the National People's Congress on March 5, highlighting key achievements of 2023 and outlining major goals and focuses for the year ahead.

2023 Review

– China's Gross Domestic Product (GDP) saw a growth of 5.2%;

– Grain production achieved a record 695 million tonnes;

– Urban employment added 12.44 million people;

– Newly-added tax and fee exemption exceeded 2.2 trillion yuan (about $305.6 billion);

– New energy vehicles accounted for over 60% of global production and sales;

– Exports of electric vehicles, lithium batteries, and photovoltaic products – collectively termed as the "new three items " – surged nearly 30%.

2024 Main Targets

– GDP growth targeted at around 5%;

– Over 12 million new urban jobs to be created;

– Consumer price index expected to rise by around 3%;

– Grain production set to surpass 690 million tonnes;

– A reduction of about 2.5% in energy consumption per unit of GDP.

2024 Key Focuses

Finance

– Proposed fiscal deficit at 3% with a 1.1 trillion yuan increase in general public budget expenditure;

– Local government special bonds to be allocated at 3.9 trillion yuan, and investment within the central government budget to be allocated at 700 billion yuan;

– Issuance of long-term special bonds, starting with 1 trillion yuan this year, dedicated to major national strategies and security capacity construction.

– Future Industries: Exploration of new frontiers like quantum technology and life sciences;

– Digital Economy: Launching the "AI+" initiative to integrate artificial intelligence into various sectors;

– Consumption: Encouraging the exchange of old items for new ones to boost consumption, especially in intelligent connected vehicles, electronic products, and other major consumer goods;

– Housing: Increasing efforts in the construction and supply of affordable housing, alongside refining relevant foundational systems for commercial properties;

– Employment: Strengthening policies to promote youth employment and improving measures and services for flexible employment;

– Rural Revitalization: Nationwide implementation of insurance policies for the production costs and income of major grain producers. Enhancing the construction of charging stations, cold chain logistics, and delivery facilities;

– Urbanization: Steadily advancing urban renewal initiatives, and addressing challenges like retrofitting elevators in old residential areas and parking facilities;

– Education: Initiating actions to expand and improve basic education, with a focus on promoting inclusive development of preschool education.

– Healthcare: Increasing the per capita financial subsidy for resident medical insurance by 30 yuan.

– Social Security: Raising the minimum monthly standard for basic old-age pensions for urban and rural residents by 20 yuan, continuing to increase basic pensions for retirees, nationwide implementation of the individual pension system, and diversifying the supply of childcare services.

– Openness: Comprehensive removal of foreign investment access restrictions in the manufacturing sector, relaxation of market access in sectors such as telecommunications and healthcare services, and enhancing the convenience for foreign nationals in terms of work, study, and tourism in China.

– Environmental Protection: Improving fiscal, tax, financial, investment, and pricing policies supporting green development and related market mechanisms.

(Writing by Alex Guo  Editing by Harry Huo)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

Share this article

Connect with us