The second session of the 14th National People's Congress opened in the Great Hall of the People in Beijing on the morning of the 5th, and other party and state leaders attended the opening meeting. According to the report, one of the main expected targets for this year's development is gross domestic product (GDP) growth of around 5%. According to preliminary calculations, China's GDP in 2023 will be 126 trillion yuan, and a 5% growth rate in 2024 will be 63 trillion yuan, more than the total annual GDP of most countries in the world. China's economy is expected to continue to contribute more than 30% to world economic growth, and it is still the largest engine of world economic growth.
China's GDP growth target, as always, has maintained a high level of attention at home and abroad, which in itself has practical connotations. Domestically, out of the concept of "GDP-only theory" in the early years, the focus on GDP growth emphasizes more on its compatibility with various social development indicators and long-term development goals, which also reflects the attitude of Chinese society from top to bottom focusing on development and working hard to rejuvenate the country. Internationally, this attention is certainly a direct manifestation of the importance of China's economy in the world. In addition, the development goals and tasks set by China in the past have the characteristics of high certainty and high degree of completion, and China's GDP growth target is also a strong indicator for analyzing the world economic trend this year.
Overall, the growth target of around 5% is considered to be prudent, appropriate and proactive. This growth target is 0.0 percent higher than the previous expectations of the International Monetary Organization and the World Bank for China's economic growth this year4 percentage points and 05 percentage points, but this is precisely the embodiment of the resilience and potential of China's economic giant ship, and it is also where China's unique policy effect and initiative lie. As a data with guiding significance for the annual and medium- and long-term work deployment, it should not only reflect a series of factors affecting economic development at home and abroad, but also play a role in connecting the past and the future, stimulate the objective growth potential of China's economy, explore the subjective policy potential, and promote the further recovery of the economy.
The global significance of the growth target of around 5 per cent is also multifaceted. The stability and certainty of the world's second largest economy in terms of development goals and policy orientation is itself a major factor in the stability of the world economy, and this figure, which represents China's confidence and determination in development, is undoubtedly an exciting signal for the global economic recovery process. According to the World Bank's report at the beginning of the year**, advanced economies will grow in 2024 from 1.0235% slowed down to 12 percent, while developing economies are expected to grow by only 3 percent this year9%, which is more than 1 percentage point below the average of the previous decade. Just imagine, without China's 5%, the world economy would be even more bleak and would face a huge risk of recession. Some U.S. and Western countries are so keen to sing the praises of China's economy, and some countries are also promoting the policy of "decoupling" from China, digging into the walls of the whole world and harming the interests of the whole world and themselves.
5% is of special significance to Chinese. China's economy has shifted from high-speed growth to medium-high growth, and has also entered a stage of high-quality development. The growth rate is not as high as before, but the structural optimization, kinetic energy conversion, and the development and expansion of new quality productivity have given China's economy unlimited room for imagination. In other words, China's economy is in a critical stage of development to build on the past and climb over the hurdles, and achieving high-quality GDP growth of 5% is an inherent requirement of the two-step strategic arrangement for building China into a modern socialist country in an all-round way. In addition to the GDP growth target, the main expected development targets for 2024 include more than 12 million new urban jobs and a surveyed urban unemployment rate of 5about 5%; Household consumption** increased by about 3%; The growth of residents' income has kept pace with economic growth. They are not only the connotation of GDP, but also the extension, together constitute the fundamentals of China's economy, continuing the general trend of seeking progress while maintaining stability.
*The work report not only puts forward the development goals for 2024, but also plans specific task documents, construction drawings and policy lists. The consciousness and spirit of hard work and prosperity have been integrated into the blood of the Chinese, and are also reflected in the work report and the practical work of the state and society. For the challenges and problems that China's development may encounter this year, we have always maintained a high degree of sobriety, and this sober attitude and confidence and efforts on this basis run through the entire work report. With the further development of China's economy and people's livelihood, the living standards of the Chinese people are bound to rise, and life is getting better and better year by year.