On the morning of March 5th at 9:00, the third session of the 14th National People's Congress opened at the Great Hall of the People, with party and state leaders including ****, General Secretary of the Communist Party, President, and Chairman of the Central Military Commission, entering the venue to attend the opening meeting. Premier Li Qiang represented the State Council and delivered the government work report to the third session of the 14th National People's Congress.
At 9 a.m. on March 5, the third session of the 14th National People's Congress opened at the Great Hall of the People. General Secretary of the Communist Party, President, and Chairman of the Central Military Commission **** and other leaders of the Party and State entered the venue to attend the opening meeting.
Premier Li Qiang represented the State Council to deliver the government work report at the third session of the 14th National People's Congress.
Government work report: The main objectives and tasks of economic and social development for 2024 will be successfully completed.
The government work report stated that the past year has been extraordinary in China's development. The successful convening of the third plenary session of the 20th Party Congress has made arrangements for further comprehensive deepening of reforms and the advancement of Chinese-style modernization. We grandly celebrate the 75th anniversary of the founding of the People's Republic of China, greatly inspiring the patriotic enthusiasm and spirit of struggle among people of all ethnic groups in the country. Over the past year, in the face of increasing external pressures and growing internal difficulties, under the strong leadership of the Party Central Committee with **** at its core, people of all ethnic groups in the country have forged ahead, overcoming difficulties, with overall economic operation remaining stable and progressing steadily. The main objectives and tasks of economic and social development for the year have been successfully completed, high-quality development has been solidly advanced, new productive forces have developed steadily, and China's economic strength, technological strength, and overall national strength have continued to enhance. Chinese-style modernization has taken new solid steps, further strengthening our determination and confidence in building a modern socialist country on a new journey in the new era.
Government work report: The momentum of stability in 2024 will be consolidated and continued.
The government work report stated that in 2024, the trend of stability will be consolidated and continued. This is mainly reflected in the steady expansion of the economy, with the GDP reaching 134.9 trillion yuan, growing by 5%, ranking among the top of the world's major economies in growth rate, and maintaining a contribution rate of about 30% to global economic growth. Employment and prices remain overall stable, with 12.56 million new urban jobs created, an average urban survey unemployment rate of 5.1%, and a 0.2% increase in consumer prices. International payments and receipts are basically balanced, the scale of foreign trade has reached a historic high, and the international market share has risen steadily, with Forex reserves exceeding 3.2 trillion U.S. dollars. Social security measures are solid and stable, with a real growth of 5.1% in per capita disposable income, continuous consolidation and expansion of poverty alleviation achievements, and increased support for compulsory education, basic retirement, basic medical care, and social assistance. Risks in key areas have been resolved in an orderly and effective manner, and social stability has been maintained.
Government work report: The pace of progress in 2024 will be solid and strong.
The government work report states that in 2024, the pace of "progress" will be solid and strong. This is mainly reflected in new advancements in industrial upgrades, with grain production reaching a new level of 1.4 trillion jin for the first time, and an increase of 10.1 jin per mu in yield; the added value of the high-tech manufacturing industry and equipment manufacturing industry grew by 8.9% and 7.7% respectively, and the annual output of new energy vehicles exceeded 13 million units; the added value of information transmission software and information technology services, as well as leasing and business services, grew by 10.9% and 10.4% respectively. New improvements in innovation capabilities were seen with new achievements in fields like integrated circuits, AI, and quantum technology; the "Chang'e 6" achieved humanity's first lunar far side sampling and return, and the "Dream" ocean drilling vessel was completed and put into service; the transaction volume of technology contracts grew by 11.2%. There were new improvements in the quality of the ecological environment, with the average concentration of fine particulate matter (PM2.5) in cities at or above the prefecture level decreasing by 2.7%, the proportion of good weather days rising to 87.2%, and the proportion of surface water quality meeting good standards increasing to 90.4%; the energy consumption per unit of GDP dropped by more than 3%; renewable energy saw an increase in installed capacity of 0.37 billion kilowatts.
Government Work Report: New breakthroughs in reform and opening up, comprehensive completion of institutional reforms.
The government work report proposed that there will be new breakthroughs in reform and opening up, solidly and effectively implementing the reform plans of the 20th National Congress of the Communist Party, with institutional reforms fully completed, and major reform measures such as establishing a unified national market and gradually raising the legal retirement age being rolled out; all foreign investment restrictions in the manufacturing sector have been lifted, and cooperation in the Belt and Road Initiative for trade and investment continues to expand and upgrade.
The government work report states that over the past year, macroeconomic regulation has been strengthened and innovated in response to the situation, driving the economy to improve.
The government work report proposes that over the past year, macroeconomic regulation has been strengthened and innovated in response to the situation, driving the economy to improve. The economic performance started well in the first quarter last year, but under the influence of various domestic and international factors, after entering the second quarter, the main indicators continued to decline, increasing downward pressure. We strengthened counter-cyclical adjustments, focused on prominent problems with targeted measures, closely implemented existing and new policies, promoted rapid recovery of demand, accelerated production growth, and significantly improved market expectations, with the annual economic operation showing a high start, low mid-point and later rise. Strongly implement fiscal and monetary policies, expand spending scale, strengthen financial support in key areas, lower the reserve requirement ratio and policy interest rates twice, and further reduce social financing costs. In order to expand effective demand, solidly advance the "two重" construction, enhance support for the "two new" works, with investment in equipment purchases increasing by 15.7% and retail sales of home appliance commodities growing by 12.3%. Promote a stabilization and recovery of the real estate market, reducing housing loan interest rates and down payment ratios, resulting in annual interest expenses on resident's stock housing loans reducing by approximately 150 billion yuan, lowering the tax levels in transaction links, and solidly advancing the guarantee of housing delivery work. Actively stabilize capital markets, accelerate the improvement of fundamental systems, create tools like swap facilities and repurchase augmented loans, leading to increased market activity. The limit for local special bond debt was once increased by 6 trillion yuan to replace stock hidden debts. Steadily advance the reform of local small and medium financial institutions with risk mitigation.
The government work report states that over the past year, there has been unwavering commitment to comprehensively deepen reform and expand opening up to enhance the intrinsic driving force of development.
The government work report proposed that over the past year, there has been unwavering commitment to comprehensively deepen reform and expand opening up to enhance the intrinsic driving force of development. Regulations that hinder the unified national market were abolished, fair competition review regulations were enacted, and measures to standardize local investment attraction were introduced. The reform of state-owned enterprises was deepened, continuously optimizing the layout of the state-owned economy. The draft of the private economy promotion law was submitted to the National People's Congress Standing Committee for review to improve the development environment for the private economy. There have been active expansions of new growth points in foreign trade, with the import and export structure continuously optimized, increasing the contribution of foreign trade exports to economic growth. A negative list for cross-border service trade was fully implemented. Pilots for opening up value-added telecommunications, biotechnology, and wholly foreign-owned hospitals were conducted. Efforts were increased for unilateral opening, granting all least developed countries that have established diplomatic relations with China full zero-tariff treatment on products. The range of countries subject to unilateral visa exemptions was expanded, with the transit visa-exempt stay extended to 240 hours, and inbound tourism steadily warming up. The effects of high-quality joint construction of the Belt and Road Initiative are significant, and a number of major engineering and livelihood projects are steadily being implemented.
The government work report states that over the past year, significant efforts were made to promote innovation-driven development and facilitate the optimization and upgrading of the industrial structure.
The government work report states that over the past year, great efforts have been made to promote innovation-driven development and optimize the industrial structure. The construction of a strong technological nation will be advanced, with the comprehensive initiation and implementation of major national scientific and technological special projects, acceleration in the improvement of major scientific and technological infrastructure systems, and enhancement of the training for top innovative talents. Stability in the operation of the industrial economy will be maintained, with the technical transformation and upgrading of the manufacturing industry, and manufacturing investment will grow by 9.2%. A new batch of national-level advanced manufacturing clusters will be nurtured, with emerging industries such as commercial aerospace, Beidou applications, and new energy storage developing rapidly. Mandatory national standards for environmental protection, safety, and others will be formulated and revised. The construction of Digital China will be accelerated, with the core industries of the digital economy accounting for about 10% of the gross domestic product.
Government work report: The expected GDP growth target for 2025 is about 5%.
The government work report proposes that the main expected targets for China's development by 2025 are: the expected GDP growth target for 2025 is about 5%.
Government work report: The long-term positive trend of our economy will not change.
The government work report states that we must recognize the difficulties but also firmly hold on to development confidence. China has significant institutional advantages, including a super-large-scale market, a complete industrial system, and rich human talent resources, along with a long-term plan, scientific regulation, and effective governance mechanisms that allow for vertical and horizontal collaboration. There is broad incremental space for demand upgrades, structural optimization, and energy conversion. The fundamental trend of the economy continuing to improve has not changed and will not change; China's economic ship will surely navigate the winds and waves and move forward steadily.
Government work report: The deficit rate for 2025 is proposed to be arranged at about 4%.
The government work report mentions that when implementing a more proactive fiscal policy, this year's deficit rate is proposed to be arranged at about 4%, which is an increase of 1 percentage point from last year, with a deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from last year. The scale of general public budget expenditures will be 29.7 trillion yuan, an increase of 1.2 trillion yuan from last year.
This year, it is proposed to issue ultra-long-term special government bonds of 1.3 trillion yuan, an increase of 300 billion yuan from last year.
The government work report suggests implementing a more proactive fiscal policy, proposing to issue 1.3 trillion yuan of ultra-long-term special Bonds, which is an increase of 300 billion yuan compared to the previous year.
Government work report: plans to arrange local government special Bonds of 4.4 trillion.
The government work report suggests planning to arrange local government special Bonds of 4.4 trillion.
Government work report: implementing a moderately relaxed monetary policy to further promote the healthy development of the real estate and stock markets.
The government work report suggests implementing a moderately relaxed monetary policy, appropriately reducing the reserve requirement ratio and interest rates, maintaining ample liquidity, and promoting the healthy development of the real estate and stock markets with greater efforts.
Government Work Report: Allocate 300 billion yuan in ultra-long-term special government bonds to support the Consumer goods trade-in initiative.
The Government Work Report proposes to allocate 300 billion yuan in ultra-long-term special government bonds to support the Consumer goods trade-in initiative. Implement and optimize the vacation system to unleash consumption potential.
Government work report: Cultivating and expanding XINXINGCHANYE and future industries.
The government work report states to foster and grow emerging industries and future industries. It emphasizes advancing the integrated cluster development of strategic emerging industries. It will launch large-scale demonstration actions of new technologies, new products, and new scenarios to promote the safe and healthy development of emerging industries such as commercial space and the low-altitude economy. A mechanism for increasing investment in future industries will be established to cultivate future industries such as biotechnology, quantum technology, embodied intelligence, and 6G.
The government work report: supports the widespread application of AI large models.
The government work report states to stimulate the innovation vitality of the digital economy. Continuously promote the "AI+" action, better combine digital technology with manufacturing advantages and market advantages, support the widespread application of large models, and vigorously develop new generation intelligent terminals such as intelligent connected new energy automobiles, smart phones and computers, Siasun Robot&Automation, and intelligent manufacturing equipment.
The government work report stated that more financial resources should be invested in people and serve the people's livelihood.
The government work report mentions strengthening macro policies with a focus on people's livelihoods, stating to uphold a people-centered approach. The focus of economic policy will shift more towards benefiting people's livelihoods and promoting consumption, raising the economy's circulation through consumption, and leading industrial upgrades through consumption upgrades, thereby creating new economic growth points while ensuring and improving people's livelihoods. It aims to drive more financial resources to "invest in people" and serve people's livelihoods, supporting employment expansion, promoting income increase and reducing burdens for residents, and strengthening consumption incentives, forming a virtuous cycle of economic development and improvements in people's livelihoods.
Government work report: Vigorously boost Consumer confidence, improve investment efficiency, and comprehensively expand domestic demand.
The government work report proposes to vigorously boost Consumer confidence, improve investment efficiency, and comprehensively expand domestic demand. Promote a better combination of consumption and investment, accelerate the filling of domestic demand, especially the shortfall in consumption, making domestic demand the main driving force and stabilizing anchor for economic growth.
Government work report: Formulate and implement a three-year action plan for building a strong Education nation.
The government work report states that efforts will be made to accelerate the construction of a high-quality education system. A three-year action plan for building a strong educational nation will be formulated and implemented. There will be a comprehensive implementation of the engineering project to cultivate morality in the new era and an innovative reform of ideological and political education will be promoted in primary, secondary, and higher education. The project to expand and improve the quality of basic education will be implemented in depth, establishing a resource allocation mechanism that adapts to changes in population. Strengthening standardized construction of compulsory education schools, promoting quality and balanced development of compulsory education, expanding the supply of high school education degrees, and gradually implementing free preschool education will be prioritized. Special education, continuing education, and specialized education will be effectively managed, guiding and regulating the development of private education. Integration between vocational and general education and between production and education will be advanced to enhance the adaptability of vocational education. Reform of universities will be promoted categorically, focusing on solidly expanding high-quality undergraduate education, accelerating the construction of "Double First-Class" universities, and improving the mechanisms for adjusting discipline settings and training models. Psychological health education will be popularized. A high-quality professional and specialized teaching staff will be established, with strengthened ethics and morale among teachers, along with support for their welfare. Education reform and development will closely align with national needs and public concerns, accelerating the transition from a large education nation to a strong education nation.
The government work report: Implement and optimize the vacation system to unleash consumer potential.
The government work report mentions the implementation and optimization of the vacation system to unleash consumer potential.
The government work report: Comprehensive rectification of "involution-style" competition.
The government work report, when mentioning the advancement of the construction of a unified national market, states that efforts will be made to accelerate the establishment and improvement of basic institutional rules, eliminate local protectionism and market segmentation, and remove obstacles that restrict economic circulation in terms of market access and exit, as well as factor allocation, comprehensively rectifying "involution-style" competition.
Government Work Report: Firmly implement the Global Strategy to expand domestic demand and strengthen the domestic economic circulation.
The government work report proposes a firm implementation of the strategy to expand domestic demand, strengthening the domestic circulation, and expanding international cooperation space within the context of further openness. This will achieve a higher level of mutual promotion and beneficial interaction between domestic and international dual circulations. Structural reforms on the supply side will continue to deepen, focusing on breaking the structural contradictions in consumer supply, placing greater emphasis on guiding demand and creating demand with high-quality supply. The initiative to further deepen reforms comprehensively will be adhered to, stimulating the enthusiasm of all sectors and inspiring the innovation and creative vitality of the entire society.
Government work report: continue to exert efforts to stabilize the decline in the Real Estate market.
The government work report states that restrictive measures will be adjusted based on specific city conditions, with increased efforts to implement the transformation of urban villages and old houses, fully releasing the potential for rigid and improving housing demand. Optimize urban spatial structure and land use, and reasonably control the supply of new Real Estate land. Activate existing land and commercial properties, promote the acquisition of existing commercial housing, and grant city governments greater autonomy in terms of acquisition subjects, pricing, and usage. Expand the use scope of re-loans for affordable housing. Utilize the role of the Real Estate financing coordination mechanism, continue to ensure the delivery of housing, and effectively prevent the risk of default on debts by real estate companies. Gradually establish relevant fundamental systems and accelerate the construction of a new model for Real Estate development. Adapt to the high-quality housing needs of the public, improve standards and specifications, and promote the construction of safe, comfortable, green, and smart 'good houses.'
The government work report emphasizes that political policies should be implemented as early as possible, prioritizing speed over delay, to compete with various uncertainties.
The government work report suggests implementing a 'combination punch' policy. Strengthen the coordination of policies related to finance, currency, employment, industry, region, trade, Eco-friendly Concept, and supervision, and enhance the synergy with reform and opening-up measures. Improve and effectively utilize the assessment mechanism for the consistency of macro policy orientations, incorporating economic policies and non-economic policies into a unified assessment, coordinating the entire process of policy formulation and implementation, and enhancing the alignment of policy objectives, tools, timing, intensity, and rhythm. Policies should be implemented as early as possible, prioritizing speed over delay, to compete with various uncertainties, and deliver decisive and ample support when the right opportunity arises to improve policy effectiveness. Strengthen vertical linkage and horizontal collaboration to ensure smooth policy connections from the 'first kilometer' to the 'last kilometer.' Focus on listening to market voices, collaboratively promoting policy implementation and expectation guidance, and shaping positive social expectations.
Government Work Report: Actively expand effective investment. This year's central budget investment is planned to be 735 billion yuan.
The government work report proposes actively expanding effective investment. Closely align with national development strategies and public needs, effectively utilize various government investment tools, strengthen the coordination of finance and financial sectors, enhance project reserves and element guarantees, accelerate the implementation of key projects, and ensure a successful conclusion to major projects in the '14th Five-Year Plan.' Ensure the appropriate selection and management of projects, effectively utilize funds, meet the financial needs of ongoing projects, and firmly prevent ineffective investments. This year, central budget investments are proposed to be arranged at 735 billion yuan. Utilize super-long special government bonds effectively, strengthen accompanying financing such as super-long loans, and enhance top-down organizational coordination to support 'dual construction' with greater strength. Optimize the management mechanism of local government special bonds, implement negative list management for investment fields, and delegate project review authority. Simplify investment approval processes and establish mechanisms for coordinating major projects across departments and regions. Increase investment in the service industry. Support and encourage the development of private investment, regulate and implement a new mechanism for public-private partnerships, and guide more private capital into the construction of major infrastructure and social livelihood fields, allowing private capital to have greater development space.
Government Work Report: Expand high-level opening up to the outside world, actively stabilize foreign trade and foreign investment.
The Government Work Report proposes to expand high-level opening up to the outside world, actively stabilize foreign trade and foreign investment. Regardless of how the external environment changes, steadfastly adhere to opening up without wavering, steadily expand institutional openness, orderly expand independent openness and unilateral openness, and promote reform and development through opening up.
Government Work Report: Promote the inclusion of eligible agricultural transfer populations into the housing security system.
The government work report mentions that when implementing the new urbanization strategy, efforts should be made to advance the urbanization of agricultural transfer populations in a scientific and orderly manner, to comprehensively promote the provision of basic public services in permanent residences, to strengthen the guarantee of compulsory education for children accompanying those who migrate, and to promote the inclusion of eligible agricultural transfer populations into the housing security system while ensuring access to social insurance.
Government Work Report: Deepen the comprehensive reform of Capital Markets投融资, vigorously promote the entry of medium and long-term funds into the market, strengthen the reserve of strategic forces and the construction of mechanisms to stabilize the market.
The government work report proposes to deepen the reform of the fiscal and financial system. A pilot program for zero-based budgeting reform at the central government level will be carried out to support local governments in deepening their zero-based budgeting reforms, and to actively innovate in key systems such as expenditure standards and performance evaluations. Efforts will be made to accelerate the shift of certain consumption tax collection phases to local governments, thereby increasing their financial autonomy. Tax incentives will be standardized. Mechanisms to incentivize local governments in cultivating financial resources for high-quality development will be actively explored. Control will be strictly maintained over the scale of those dependent on government finance. The standard system and basic institutions for science and technology finance, green finance, inclusive finance, retirement finance, and digital finance will be improved. Comprehensive reforms of investment and financing in capital markets will be deepened, and initiatives will be taken to promote medium- and long-term funds entering the market while strengthening strategic force reserves and mechanisms to stabilize the market. The issuance, listing, and merger and acquisition systems for stocks will be reformed and optimized. The development of a multi-level bond market will be accelerated.
Government Work Report: Enrich the Deposit Insurance Fund, Financial Stability Guarantee Fund, and other risk mitigation resources to effectively maintain financial safety and stability.
The government work report proposes to actively prevent risks in the financial sector. In accordance with marketization and legal principles, an integrated approach will be taken to promote risk disposal and the transformation of local small and medium financial institutions, using a variety of methods such as replenishing capital, mergers and acquisitions, and market exits to classify and resolve risks. The functional positioning and governance mechanisms of small and medium financial institutions will be improved to promote differentiated and inclusive development. A financial regulatory system will be established, enhancing central and local regulatory cooperation, and maintaining a strong crackdown on illegal financial activities. Risk mitigation resources such as the deposit insurance fund and the financial stability guarantee fund will be enriched. Plans to respond to external risk shocks will be improved to effectively maintain financial security and stability.
Government Work Report: Promoting a pilot project to extend the second round of land contracting for another 30 years upon expiration.
The Government Work Report proposed promoting a pilot project to extend the second round of land contracting for another 30 years upon expiration.
Government Work Report: Supporting labor-intensive industries to absorb and stabilize employment.
The government work report states that it will implement employment support plans for key areas, key industries, urban and rural grassroots, and small and micro enterprises, fully utilizing policies such as stable job returns, tax reductions, and employment subsidies. It will support labor-intensive industries in absorbing and stabilizing employment, coordinate the application of new technologies and job transitions, and create new job opportunities. The employment and entrepreneurship services will be optimized, expanding employment and entrepreneurial channels for college graduates and other youth, ensuring proper resettlement and employment services for military veterans, facilitating employment for impoverished populations and migrant workers, and strengthening support for employment-challenged groups, such as the elderly, disabled, and those unemployed for a long time.
Government work report: Let those who work more earn more, those with higher skills earn more, and innovators earn more.
The government work report states that a large-scale occupational skills enhancement training initiative will be launched to increase the supply of skilled personnel in manufacturing and service sectors that are in short supply. Accelerating the establishment of a skills-oriented compensation distribution system will improve the treatment level of skilled personnel so that those who work more, are more skilled, and are more innovative will receive more.
Government Work Report: Formulate policies to promote childbirth and distribute childcare subsidies.
The Government Work Report states that policies to promote childbirth will be formulated, childcare subsidies will be distributed, integrated childcare services will be vigorously developed, and the supply of affordable childcare services will be increased.
Government Work Report: The minimum standard of basic pension for urban and rural residents will be increased by 20 yuan, and the basic pension for retirees will be appropriately raised.
The Government Work Report proposes that the minimum standard of basic pension for urban and rural residents will be increased by 20 yuan, and the basic pension for retirees will be appropriately raised. Accelerate the development of the third pillar of pension insurance and implement a good personal pension system. Actively respond to population aging, improve the policies and mechanisms for the development of the pension cause and industry, and vigorously develop the silver economy. Promote community-supported home care for the elderly, strengthen care for the disabled elderly, increase support for elderly meal assistance services, and the purchase and rental of rehabilitation aids, expand affordable elderly care services, and promote the development of rural elderly care services. Accelerate the establishment of a long-term care insurance system.
Government Work Report: This year will carry out the drafting work of the 14th Five-Year Plan.
The government work report states that this year will initiate the preparation work for the 14th Five-Year Plan. It is necessary to thoroughly analyze the new stage characteristics of the 14th Five-Year Plan period, scientifically determine development goals, plan major strategic tasks, significant policy measures, and large engineering projects, and better leverage the guiding role of planning in economic and social development.
Updating...