The 14th National People's Congress held its second session on the morning of the 5th at the Great Hall of the People, with Xi Jinping and other party and state leaders in attendance. Premier Li Qiang delivered the government work report to the session.

At 9 a.m. on March 5th, the second session of the 14th National People's Congress opened at the Great Hall of the People. Premier Li Qiang, on behalf of the State Council, delivered the government work report to the session.

The expected economic growth target for 2024 is set at around 5%

The government work report states that the economic growth target is set at around 5%. This takes into account the need to promote employment and income growth, prevent and defuse risks, and align with the goals of the "14th Five-Year Plan" and the basic realization of modernization. It also considers the potential and conditions for economic growth, reflecting the requirements of being proactive and striving for progress. Achieving this year's target will not be easy and will require policy focus, doubling the efforts, and the combined effort of all parties.

The deficit rate for 2024 is proposed at 3%

The deficit rate is proposed at 3%, with a deficit size of 4.06 trillion yuan, an increase of 180 billion yuan from the beginning of the previous year. Fiscal revenue is expected to continue to recover and grow this year, plus the allocation of funds and other sources, the scale of general public budget expenditure will reach 28.5 trillion yuan, an increase of 1.1 trillion yuan from the previous year. A total of 3.9 trillion yuan in local government special bonds is arranged, an increase of 100 billion yuan from the previous year.

Plans to issue ultra-long-term special government bonds for several consecutive years, starting with 1 trillion yuan this year

To systematically solve the funding issues for some major projects in the process of building a strong country and national rejuvenation, it is planned to issue ultra-long-term special government bonds for several consecutive years, starting this year, specifically for the implementation of major national strategies and the construction of key area security capabilities, with an issuance of 1 trillion yuan this year.

Accelerate the development of new productive forces

Promote the construction of a modern industrial system and accelerate the development of new productive forces. Fully leverage the dominant role of innovation, use scientific and technological innovation to drive industrial innovation, accelerate the advance towards a new type of industrialization, enhance total factor productivity, constantly shape new drivers and advantages of development, and promote the leapfrog development of social productivity.

Actively cultivate emerging industries and industries of the future

Actively cultivate emerging and future industries. Implement an industry innovation project, improve the industry ecosystem, expand application scenarios, and promote the integrated cluster development of strategic emerging industries. Consolidate and expand the leading advantages of industries such as intelligent network-connected new energy vehicles, accelerate the development of cutting-edge emerging industries such as hydrogen energy, new materials, and innovative drugs, and actively create new engines of growth such as biological manufacturing, commercial space, and the low-altitude economy. Formulate future industry development plans, open new tracks such as quantum technology and life sciences, and create a number of future industry pilot zones.

Formulate policies to support the high-quality development of the digital economy and launch the "Artificial Intelligence +" initiative

Formulate policies to support the high-quality development of the digital economy, actively promote the digital industrialization and the digitization of industries, and enhance the deep integration of digital technology and the real economy. Deepen the R&D and application of big data, artificial intelligence, etc., launch the "Artificial Intelligence +" initiative, and build a digital industry cluster with international competitiveness.

Accelerate the construction of a unified national market

Accelerate the construction of a unified national market. Establish standards and guidelines for the construction of a unified national market. Focus on unifying institutional rules in areas such as property rights protection, market access, fair competition, and social credit. Deepen comprehensive reforms on market-based allocation of factors. Introduce administrative regulations for the fair competition review, and improve regulatory rules in key areas, emerging fields, and foreign-related sectors. Special rectification of local protectionism, market division, inappropriate competition for investment attraction, etc., and strengthen the regulation and management of bidding markets.

Fully eliminate foreign investment access restrictions in the manufacturing sector

Continue to reduce the negative list of foreign investment access, fully eliminate foreign investment access restrictions in the manufacturing sector, and ease market access in services such as telecommunications and healthcare. Expand the catalog of industries encouraging foreign investment, and encourage foreign enterprises to reinvest within the country. Implement national treatment for foreign enterprises, ensure equal participation in government procurement, bidding and tendering, standard-setting, and address issues such as cross-border data flow.

A promising red envelope for people's livelihood

The government work report proposes to effectively ensure and improve people's livelihood, strengthen and innovate social governance. Adhere to the people-centered development concept, fulfill the responsibilities of ensuring basic needs and last-resort support, take more measures that benefit and warm people's hearts, solidly promote common prosperity, promote social harmony and stability, and continuously enhance people's sense of gain, happiness, and security.

Multiple measures to stabilize employment and promote income growth

Employment is the most basic aspect of people's livelihood. It is necessary to prioritize employment, strengthen fiscal and financial policies to support stable employment, and increase the intensity of employment promotion policies. Implement and improve policies such as job stabilization returns, special loans, employment and social security subsidies, and strengthen support for industries and enterprises with high employment capacity.

This year, the number of college graduates is expected to exceed 11.7 million. Policies and measures to promote youth employment need to be strengthened, and employment and entrepreneurship guidance services need to be optimized. Solidly carry out the employment work of groups such as ex-servicemen and migrant workers, and strengthen assistance to those with difficulties in employment, such as disabled people.

Differentiated improvement of service guarantee measures for flexible employment, and expand the pilot of occupational injury protection for employees in new employment forms. Resolutely correct all types of employment discrimination, ensure the payment of migrant workers' wages, improve mechanisms for labor relation consultations and coordination, and safeguard the legal rights and interests of workers.

Adapt to talent demands in fields such as advanced manufacturing, modern services, and elderly care, and strengthen vocational skills training. Increase urban and rural residents' income through multiple channels, expand the scale of the middle-income group, and strive to promote income growth for low-income groups.

The per capita financial subsidy standard for resident medical insurance increases by 30 yuan

The per capita financial subsidy standard for resident medical insurance increases by 30 yuan. Promote the coordinated development and governance of medical insurance, medical treatment, and medicines. Push for provincial-level overall planning of basic medical insurance, improve the national system of centralized drug procurement, strengthen the regular supervision of medical insurance fund use, implement and improve settlement of medical treatment in different localities. Deepen the reform of public hospitals, improve medical services centered on patients, and promote mutual recognition of examination results.

The minimum monthly standard for urban and rural residents' basic pension increases by 20 yuan

The minimum monthly standard for basic pensions for urban and rural residents has been increased by 20 yuan, continuing to raise the basic pensions for retirees, and perfecting a national coordination of pension insurance. A personal pension system will be implemented nationwide, and the third-pillar pension insurance will be actively developed.

A quick look at the government work report for 2024 in one image