Highlights of 2024 GOV Work Report

鉴于该平台某些原因，这里仅提供英文简述。

Part 1 A Review of Our Work in 2023

➤ CN's gross domestic product expanded 5.2 percent last year.

➤ Grain output reached a record of 695 million metric tons.

➤ The country created 12.44 million urban jobs in 2023.

➤ Additional tax and fee relief measures introduced last year resulted in savings exceeding 2.2 trillion yuan.

➤ CN accounted for over 60 percent of global electric vehicle output and sales.

➤ There was a 30-percent increase in exports of the “new trio,” namely, electric vehicles, lithium-ion batteries, and photovoltaic products.

Part 2 Main Projected Targets

➤ GDP growth of around 5 percent

➤ Over 12 million new urban jobs

➤ CPI increase of around 3 percent

➤ Grain output of over 650 million metric tons

➤ A drop of around 2.5 percent in energy consumption per unit of GDP

Part 3  Tasks for 2021

➤ Fiscal policy：CN has set its ratio of deficit to GDP at 3 percent for 2024.

General public expenditures in the government budget are projected to increase 1.1 trillion yuan over last year. 

➤ GOV investment：CN will see 3.9 trillion yuan of special-purpose bonds for local govs to be issued in 2024.

This year, 700 billion yuan will be earmarked in the central GOVt budget for investment.

➤ STBs：CN will issue ultra-long special treasury bonds over each of the next several years for the purpose of implementing major national strategies and building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year.

➤ Future Industry：Open up new fields such as quantum technology and life sciences

➤ Digital Economy：Launch an AI Plus initiative

➤ Consumption：Encourage and promote consumer goods trade in programs and boost spending on intelligent connected new energy vehicles, electronic products, and other big-ticket items

➤ Housing：Scale up the building and supply of GOV-subsidized housing and improve the basic systems for commodity housing

➤ Employment：Do more to promote employment for young people

Improve services and assistance for people in flexible employment based on their type of employment

➤ Rural Revitalization：Implement nationwide full-cost insurance and income insurance for the three main grain crops of rice, wheat, and corn, and improve mechanisms for ensuring the incomes of grain growers

Build more electric vehicle charging facilities, cold chain logistics, and courier delivery facilities

➤ Urbanization：CN will steadily advance the urban renewal projects

Resolve problems such as the need to install elevators and parking shortages in old residential compounds.

➤ Education：Launch an initiative to upgrade basic education

Enhance public-interest preschool education

➤ Medical Insurance：GOV subsidies for basic medical insurance for rural and non-working urban residents will increase by an average of 30 yuan per person.

➤ Social Security：The minimum basic old-age benefits for rural and non-working urban residents will be raised by 20 yuan per month. 

Continue to increase basic pensions for retirees

Implement the private pension system nationwide

Increase the supply of childcare services through multiple channels

➤ Opening-up：All market access restrictions on foreign investment in manufacturing will be abolished, and market access restrictions in services sectors, such as telecommunications and healthcare, will be reduced.

Make it easier for foreign nationals to work, study, and travel in CN

➤ Environmental Protection：Improve fiscal, tax, financial, investment, and pricing policies in support of green development as well as relevant market-based mechanisms

Compiled:March 5, 2024 at the Financial Training Center in Pu'er