HomeDiplomacyHighlights of China's Government Work Report

Highlights of China’s Government Work Report

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Beijing, 5 March 2024 (TDI): At the start of the 14th National People’s Congress, which was held at the Great Hall of People in Beijing, Chinese Premier Li Qiang presented the State Council’s government work report.

Other Chinese leaders, including President Xi Jinping, were present. The highlights of the work report that the Chinese government submitted to the national legislature for consideration on Tuesday are listed below.

China, the second-biggest economy in the world, expects economic growth of about 5 percent in 2024. Stable growth will be achieved by utilizing more intensified and focused macro policies.

According to the report, China intends to generate around 12 million jobs in urban areas this year, intending to maintain the assessed urban unemployment rate at approximately 5.5%.

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The government will maintain a proactive fiscal and prudent monetary policy, increasing the deficit by 180 billion yuan from the 2023 budget amount and keeping the deficit to GDP ratio at 3%.

This year, the nation will issue 3.9 trillion yuan in special-purpose bonds for local governments, an increase of 100 billion yuan over the previous year. Moreover, China will intensify research on cutting-edge and disruptive technologies and launch the AI Plus initiative.

China is going to initiate a year-long initiative to boost consumption to enhance the consumer environment. In 2024, China’s central government budget would include 700 billion yuan set out for investment.

China intends to enhance domestic demand and combine this approach with attempts to further supply-side structural transformation. China will take action to guarantee that businesses with international funding are treated domestically.

China will endeavor to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. In addition to this, it will pursue higher-standard opening up.

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To protect general economic and financial stability, China will address the underlying causes as well as the symptoms of real estate, local government debt, and small and medium-sized financial institution vulnerabilities.

China will prioritize development and security. Moreover, China will also make advances in the energy revolution.

China would resist both “Taiwan independence” and external involvement. Lastly, China will work to uphold international fairness and justice.

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