摘要Full Text: Report on China’s National Economic and Social Development Plan 2024






Second Session of the 14th National People’s Congress of the People’s Republic of China文章源自英文巴士-https://www.en84.com/15263.html

March 5, 2024文章源自英文巴士-https://www.en84.com/15263.html



National Development and Reform Commission文章源自英文巴士-https://www.en84.com/15263.html




Esteemed Deputies,




The National Development and Reform Commission has been entrusted by the State Council to submit this report on the implementation of the 2023 plan and on the 2024 draft plan for national economic and social development to the Second Session of the 14th National People’s Congress (NPC) for deliberation. The Commission also invites comments from members of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC).



I. Implementation of the 2023 Plan for National Economic and Social Development




The year 2023 was the first year for fully implementing the guiding principles from the 20th National Congress of the Communist Party of China (CPC), as well as a year of economic recovery following three years of our Covid-19 response. Under the firm leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments consistently followed the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implemented the guiding principles from the 20th CPC National Congress and the Second Plenary Session of the 20th CPC Central Committee, and thoroughly carried out the initiative to study and implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. In accordance with the decisions and plans of the Party Central Committee and the State Council, we faithfully implemented the 2023 plan for national economic and social development reviewed and approved at the First Session of the 14th NPC, and we adopted the NPC Financial and Economic Affairs Committee’s suggestions based on its review of the 2023 plan.


We withstood external pressures and overcame internal difficulties. We stayed true to the general principle of pursuing progress while ensuring stability. We fully and faithfully applied the new development philosophy on all fronts, worked faster to create a new pattern of development, promoted high-quality development, and deepened reform and opening up across the board. We intensified macro regulation and focused on expanding domestic demand, optimizing structures, boosting confidence, and preventing and defusing risks. We ensured a smooth transition and achieved a major, decisive victory in our Covid-19 response. As a result, China’s economy grew in a wavelike manner amid twists and turns and achieved overall recovery and growth. We accomplished major development goals and tasks for the year, made solid progress in high-quality development, and took firm strides in building a modern socialist country in all respects.




China’s gross domestic product (GDP) reached 126.06 trillion yuan in 2023, a year-on-year increase of 5.2%. A total of 12.44 million urban jobs were added, and the average surveyed urban unemployment rate stood at 5.2%. The consumer price index (CPI) rose by 0.2%. A basic equilibrium was maintained in the balance of payments, and year-end foreign exchange reserves totaled 3.237977 trillion US dollars.




1. We strengthened the implementation of macro policies, and the synergy between policies displayed consistent effectiveness.


While keeping a close eye on economic trends and changes, we placed the focus of macro policies on consolidating the foundations of our economy and systematically adopted a combination of policies. We laid out follow-up arrangements for temporary policies on a categorized basis, regularly conducted preparatory research on policy options, and rolled out a series of pragmatic and effective new policies and measures in an active and orderly manner. All of these formed a synergy to promote high-quality development.



1) Fiscal and monetary policies worked in concert with each other.


We extended and refined tax and fee relief policies and provided more support to micro and small businesses and self-employed individuals. An additional 1 trillion yuan of treasury bonds were issued to support post-disaster recovery and reconstruction and build up our capacity for disaster prevention, mitigation, and relief, with priority given to projects that were urgently needed and expected to have notable return on investment. An additional 3.8 trillion yuan of local government special-purpose bonds were issued to support the construction of infrastructure and public service projects to shore up weak links.


Newly introduced tax and fee relief in 2023 exceeded 2.2 trillion yuan. Expenditure in the national general public budget came to 27.46 trillion yuan, an increase of 5.4%, which ensured funding for key areas such as people’s wellbeing as a whole and people’s basic living needs, payment of salaries, and normal government functioning at the primary level.


Required reserve ratios as well as the rates for open market operations and medium-term lending facility (MLF) were both lowered twice to help maintain proper and adequate liquidity and reduce overall financing costs throughout society. In addition, the one-year and five-year loan prime rates (LPRs) were lowered by 0.2 and 0.1 percentage points respectively, and the business loan rate was reduced by 0.29 percentage points.


Structural monetary policy instruments were fully leveraged to increase support to key areas such as agriculture, small businesses, scientific and technological innovation, advanced manufacturing, and green, low-carbon initiatives. The RMB exchange rate was kept generally stable at an adaptive, balanced level.


By the end of 2023, the balance of China’s M2 money supply and aggregate financing had increased by 9.7% and 9.5% respectively year-on-year. New RMB loans for the year reached 22.75 trillion yuan, up 1.31 trillion yuan over the previous year.




2) Policy coordination was further enhanced.


Our macro policies worked in an increasingly coordinated, targeted, and effective way, as we took stronger steps to assess consistency in orientation between newly issued policies and macro policies and reviewed and discarded policies and regulations that stood in the way of high-quality development. We organized a midterm assessment of the implementation of the 14th Five-Year Plan, which showed that at its halfway stage, 50% of the tasks laid out in the Outline of the 14th Five-Year Plan for Economic and Social Development (2021–2025) and Long-Range Objectives through the Year 2035 have been completed.




3) Public communication and guidance concerning the economy was further improved.


We actively shared and clarified information about Xi Jinping Thought on the Economy, redoubled efforts to communicate and explain economic situations and policies, actively responded to major public concerns and opinions, and promptly cleared up doubts and misunderstandings. We presented a comprehensive and multifaceted narrative of China’s economy and remained firm and clear about the bright prospects of China’s economy.




2. We took active steps to stimulate consumption and expand investment, and domestic demand played a bigger role in underpinning economic growth.


We firmly implemented the strategy of expanding domestic demand, gave priority to revitalizing and expanding consumption, and vigorously promoted effective investment. The contribution of domestic demand to economic growth reached 111.4%, among which final consumption expenditure contributed 82.5%.




1) Consumption potential was further unleashed.


We rolled out 20 policies and measures to revitalize and expand consumption. Consumer spending on automobiles, home furnishing, electronic products, and other big-ticket items kept stable and expanded. The policy of purchase tax exemption for new-energy vehicles (NEVs) was extended and refined, and the construction of charging facilities picked up speed, with the total number of charging stations reaching 8.596 million nationwide. Consumers’ rights and interests were better protected, and the consumption environment was further improved.


Consumption of consumer services such as culture, tourism, and catering recovered quickly, resulting in annual growth of 20.0% in retail sales of services, 93.3% in domestic tourist trips, and 140.3% in tourism expenditures. Total retail sales of consumer goods in 2023 reached 47.15 trillion yuan, an increase of 7.2%, among which online sales hit 15.43 trillion yuan, an increase of 11.0%. The 2023 China Brand Day and the Year of Consumption Promotion events were successfully held. Major international consumer cities were fostered and developed at a faster pace.




2) Effective investment provided sustained impetus for development.


We gave full play to the stimulative effect of government investment, drafted regulation methods for projects receiving central government budgetary funding, and strengthened and improved the management of central government investment plans. We further expanded the list of areas to which funds raised through local government special-purpose bonds can be channeled, as well as the scope of industries for which such funds can be used as project capital, bringing government-subsidized housing, urban “villages” renovation, and university dormitory construction onto this list. We refined the long-term working mechanism for promoting effective investment and strengthened support in terms of the use of land, sea, and energy, environmental impact assessment, and other factors. Thanks to these efforts, significant progress was achieved in construction on the 102 major projects outlined in the 14th Five-Year Plan, which includes the Sichuan-Xizang Railway, the New International Land-Sea Trade Corridor in the western region, and key national water network projects, as well as other major projects for economic and social development.


We unveiled 17 measures for boosting private investment. We developed a new mechanism for public-private partnership, encouraged private enterprises to participate in concession projects, and steadily advanced cooperation on piloting combined debt-equity investment. Real estate investment trusts (REITs) for infrastructure were extended to more sectors including consumption infrastructure. A national platform for opening up projects to private capital was developed, through which 6,067 projects with a total investment volume of 5.97 trillion yuan had been promoted by the end of 2023.


We continued to guide financial institutions in providing medium- and long-term loans to the manufacturing sector and encouraged more lending. Nationwide fixed-asset investment (excluding rural households) totaled 50.30 trillion yuan, an increase of 3.0% over the previous year. Investment in high-tech industries rose by 10.3%. Investment in infrastructure and manufacturing recorded respective increases of 5.9% and 6.5%, with private investment in these two sectors rising by 14.2% and 9.4% respectively.



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