5 or so, what signal does the 2024 GDP target setting send?

Mondo Finance Updated on 2024-03-06

GDP growth of about 5 - the first work report submitted to the second session of the 14th National People's Congress for deliberation on the 5th, disclosed the expected target of GDP growth this year. This data is of great significance for guiding market expectations and guiding macroeconomic control, and has always been the focus of great attention at the two sessions.

This year's goals have released a clear signal: "stability is the overall situation and foundation" and "progress is the direction and driving force".

*The work report points out that the expected target for economic growth is about 5, which takes into account the needs of promoting employment and income growth, preventing and resolving risks, and is in line with the "14th Five-Year Plan" and the goal of basically realizing modernization, and also considers the potential and supporting conditions for economic growth, reflecting the requirements of being proactive and promising.

Huang Qunhui, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and director of the Institute of Economics of the Chinese Academy of Social Sciences, said that the expected growth rate target is a medium-high growth rate on the normal base, and the actual growth rate will be higher than last year.

The plan report submitted to the meeting for examination on the same day further expounded the consideration of setting this goal: From the perspective of objective needs, China is still a developing country and is in a critical period of building a modern socialist country in an all-round way, and it is necessary to maintain a certain economic growth rate to effectively respond to the challenges of changes in the external environment, solve various contradictions in the course of development, adjust and optimize the economic structure, stabilize and expand employment, increase residents' income, prevent and resolve risks in key areas, and enhance confidence in development.

It is worth noting that this goal also takes into account the current and long-term, in line with the requirements of the "14th Five-Year Plan", focusing on the basic realization of the goal and task of socialist modernization by 2035, and is also conducive to accelerating the optimization of the economic structure and the adjustment of the industrial structure.

*The work report pointed out that comprehensive analysis and judgment show that the environment facing China's development this year is still the coexistence of strategic opportunities and risks and challenges, and the favorable conditions are stronger than the unfavorable factors.

The plan report said that from the perspective of supporting conditions, this target is basically matched with the economic growth potential, the resource factor conditions can be supported, and there is also room for macroeconomic regulation and control policies.

Lin Yifu, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and dean of the Institute of New Structural Economics of Peking University, said that China's economy still has great potential for development, and if we can make good use of the obvious institutional advantages, the demand advantages of the super-large-scale market, the supply advantages of a complete industrial system, and the talent advantages of a large number of high-quality workers, and properly cope with risks and challenges, it is entirely possible to achieve steady, medium-high-speed growth.

-- Macroeconomic policies have formed a synergy.

The scale of general public budget expenditure increased by 11 trillion yuan; It is planned to arrange local ** special bonds to increase by 100 billion yuan over the previous year; Starting from this year, it is planned to issue ultra-long-term special treasury bonds for several consecutive years, which will be used for the implementation of major national strategies and security capacity building in key areas, and 1 trillion yuan will be issued this year; Maintain a reasonable and abundant ...... liquidity

Focusing on a series of major expected development goals such as GDP growth5, the work report clarifies the macro policy orientations such as "active fiscal policy should be moderately strengthened, quality and efficiency improved", "prudent monetary policy should be flexible, moderate, precise and effective", and "enhance the consistency of macro policy orientation".

-- The main tasks are pragmatic and effective.

* The work report deploys 10 work tasks such as "vigorously promoting the construction of a modern industrial system and accelerating the development of new quality productive forces", "in-depth implementation of the strategy of rejuvenating the country through science and education, and strengthening the basic support for high-quality development", "focusing on expanding domestic demand and promoting a virtuous cycle of the economy", "expanding high-level opening up to the outside world, and promoting mutual benefit and win-win results".

Pan Jiaofeng, deputy to the National People's Congress and president of the Institute of Science and Technology Strategy Consulting of the Chinese Academy of Sciences, said that these key tasks take into account demand and supply, focus on the domestic and international markets, and are not only aimed at the immediate priorities, but also have long-term plans, and support and promote each other, which will help China's economy grasp the opportunities in coping with challenges.

-- Reform and opening up have stimulated vitality.

* The work report clearly proposes to stimulate the vitality of various business entities. State-owned enterprises, private enterprises, and foreign-funded enterprises are all important forces in modernization. It is necessary to continuously improve and implement the "two unswerving" systems and mechanisms, and create a good environment for fair competition and competitive development for enterprises of all types of ownership. Improve the modern enterprise system with Chinese characteristics and build more world-class enterprises.

Nan Cunhui, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and chairman of Chint Group, said that the growth target of about 5 provides a predictable economic development environment for enterprises, and we will continue to play the "innovation card", eat "reform rice" and take the "open road".

*The work report stresses that achieving this year's expected goals will not be easy, and it will require policy focus, redoubling efforts, and concerted efforts from all parties.

**: Xinhua News Agency

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