Why is the expected economic growth target set at around 5 this year?

Mondo Finance Updated on 2024-03-05

Wen Wang Lichen

At 9 a.m. on March 5, the Second Session of the 14th National People's Congress held its opening meeting in the Great Hall of the People. Premier Li Qiang made a work report to the Second Session of the 14th National People's Congress.

[Why is the expected economic growth target set at about 5% in 2024].

* According to the work report, 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 economic growth potential and supporting conditions, reflecting the requirements of being proactive and promising. Achieving this year's expected goals will not be easy, and it will require policy focus, redoubled efforts, and concerted efforts from all sides.

[The deficit rate in 2024 is planned to be arranged at 3%].

The deficit rate is planned to be arranged at 3%, and the deficit size is 406 trillion yuan, an increase of 180 billion yuan over the budget at the beginning of the previous year. It is expected that fiscal revenue will continue to resume growth this year, and with the transfer of funds, the scale of general public budget expenditure will be 285 trillion yuan, an increase of 1 over the previous year1 trillion yuan. It is proposed to arrange local ** special bonds 39 trillion yuan, an increase of 100 billion yuan over the previous year.

[It is planned to issue ultra-long-term special treasury bonds for several consecutive years, and issue 1 trillion yuan this year].

In order to systematically solve the problem of funds for the construction of some major projects in the process of building a strong country and national rejuvenation, it is planned to issue ultra-long-term special treasury bonds for several consecutive years starting this year, which will be specially used for the implementation of major national strategies and security capacity building in key areas, and 1 trillion yuan will be issued this year.

[Accelerate the development of new quality productive forces].

We will vigorously promote the construction of a modern industrial system and accelerate the development of new productive forces. Give full play to the leading role of innovation, promote industrial innovation with scientific and technological innovation, accelerate the promotion of new industrialization, improve total factor productivity, constantly shape new momentum and new advantages for development, and promote new leaps in social productivity.

[Actively cultivating emerging industries and future industries].

[Actively cultivating emerging industries and future industries].Implement industrial innovation projects, improve industrial ecology, expand application scenarios, and promote the integration of strategic emerging industries. Consolidate and expand the leading advantages of intelligent networked new energy vehicles and other industries, accelerate the development of cutting-edge emerging hydrogen energy, new materials, innovative drugs and other industries, and actively build new growth engines such as biomanufacturing, commercial aerospace, and low-altitude economy. Formulate future industrial development plans, open up new tracks such as quantum technology and life sciences, and create a number of future industry pilot areas.

[Formulate policies to support the high-quality development of the digital economy and carry out "artificial intelligence +" actions].

Formulate policies to support the high-quality development of the digital economy, actively promote digital industrialization and industrial digitization, and promote the deep integration of digital technology and the real economy. Deepen the R&D and application of big data and artificial intelligence, carry out the "artificial intelligence +" action, and build a digital industrial cluster with international competitiveness.

[Accelerate the construction of a unified national market].

[Accelerate the construction of a unified national market].Formulate national unified market construction standards and guidelines. Efforts should be made to promote the unification of systems and rules in areas such as property rights protection, market access, fair competition, and social credit. Deepen the pilot of comprehensive reform of market-oriented allocation of factors. Introduce administrative regulations on fair competition review, and improve regulatory rules for key areas, emerging fields, and foreign-related fields. Special measures will be made to address outstanding problems such as local protection, market segmentation, and unfair competition in attracting investment, and strengthen the regulation and management of the bidding market.

[Completely cancel the restrictions on foreign investment access in the manufacturing sector].

We will continue to reduce the negative list for foreign investment access, fully remove the restrictions on foreign investment access in the manufacturing sector, and relax market access for service industries such as telecommunications and medical care. Expand the catalogue of industries that encourage foreign investment, and encourage foreign-funded enterprises to reinvest in China. Implement the national treatment of foreign-funded enterprises, ensure equal participation in procurement, bidding and bidding, and the formulation of standards in accordance with the law, and promote the resolution of issues such as cross-border data flow.

* The work report proposes to effectively protect and improve people's livelihood and strengthen and innovate social governance. Adhere to the people-centered development philosophy, fulfill the responsibility of ensuring the basic and bottom line, take more measures to benefit the people's livelihood and warm the hearts of the people, solidly promote common prosperity, promote social harmony and stability, and continuously enhance the people's sense of gain, happiness and security.

[Take multiple measures to stabilize employment and promote income growth].

Employment is the most basic livelihood of the people. It is necessary to give prominence to the priority orientation of employment, strengthen the support of fiscal, tax, financial and other policies to stabilize employment, and increase the intensity of special policies to promote employment. Implement and improve policies such as the return of stable jobs, special loans, employment and social security subsidies, and strengthen support for enterprises in industries with large employment capacity.

It is estimated that there will be more than 11.7 million college graduates this year, and it is necessary to strengthen policies and measures to promote youth employment and optimize employment and entrepreneurship guidance services. Do a solid job in the employment of retired soldiers, migrant workers and other groups, and strengthen assistance for the disabled and other persons with employment difficulties.

Improve the safeguard measures for flexible employment services by category, and expand the pilot project of occupational injury protection for employees in new forms of employment. Resolutely correct all kinds of employment discrimination, ensure the payment of wages to migrant workers, improve the mechanism for consultation and coordination of labor relations, and safeguard the legitimate rights and interests of workers.

Adapt to the needs of talents in advanced manufacturing, modern services, elderly care and other fields, and strengthen vocational skills training. Increase the income of urban and rural residents through multiple channels, expand the size of middle-income groups, and strive to increase the income of low-income groups.

[The per capita financial subsidy standard for residents' medical insurance will be increased by 30 yuan].

[The per capita financial subsidy standard for residents' medical insurance will be increased by 30 yuan].Promote the coordinated development and governance of medical insurance, medical treatment, and medicine. Promote the provincial overall planning of basic medical insurance, improve the national centralized drug procurement system, strengthen the normalized supervision of the use of medical insurance, and implement and improve the settlement of medical treatment in other places. Deepen the reform of public hospitals, improve medical services with a patient-centered approach, and promote mutual recognition of examination results.

[The minimum monthly standard of basic pension for urban and rural residents will be increased by 20 yuan].

The minimum monthly standard of basic pension for urban and rural residents will be increased by 20 yuan, the basic pension for retirees will continue to be raised, and the national overall pension insurance will be improved. Implement the personal pension system throughout the country, and actively develop the third pillar of pension insurance.

*:Xinhua.

*: The country is a through train.

Editor: Qin Jing.

Editor-in-charge: Wei Xi.

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