A Review of Work in 2023 

China's gross domestic product (GDP) surpassed 126 trillion yuan, an increase of 5.2 percent, ranking China among the fastest-growing major economies in the world. 

Grain output reached a record of 695 million metric tons. 

A total of 12.44 million urban jobs were added, and the average surveyed urban unemployment rate stood at 5.2 percent. 

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

China 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. 

Main Targets for Development in 2024 

GDP growth of around 5 percent 

Over 12 million new urban jobs 

Surveyed urban unemployment rate of around 5.5 percent 

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  

Major Tasks 

We have set the deficit-to-GDP ratio for this year at 3 percent and the government deficit at 4.06 trillion yuan, an increase of 180 billion yuan over the 2023 budget figure. General public expenditures in the government budget are projected to reach 28.5 trillion yuan, an increase of 1.1 trillion yuan over last year. 

3.9 trillion yuan of special-purpose bonds for local governments will be issued, an increase of 100 billion yuan over last year. 

700 billion yuan will be earmarked in the central government budget for investment. 

It is proposed that, starting this year and over each of the next several years, ultra-long special treasury bonds be issued. These bonds will be used to implement major national strategies and build up security capacity in key areas. One trillion yuan of such bonds will be issued in 2024. 

We will formulate development plans for the industries of the future, open up new fields such as quantum technology and life sciences, and create a number of zones for pioneering the development of future-oriented industries. 

We will step up R&D and application of big data and AI, launch an AI Plus initiative, and build digital industry clusters with international competitiveness. 

We will encourage and promote consumer goods trade-in programs and boost spending on intelligent connected new-energy vehicles, electronic products, and other big-ticket items. 

We will scale up the building and supply of government-subsidized housing and improve the basic systems for commodity housing to meet people’s essential need for a home to live in and their different demands for better housing. 

We must do more to promote employment for young people. We will improve services and assistance for people in flexible employment based on their type of employment. 

We will implement nationwide full-cost insurance and income insurance for the three main grain crops of rice, wheat, and corn. We will build more electric vehicle charging facilities, cold chain logistics, and courier delivery facilities in rural areas. 

Urban renewal projects will be steadily advanced. We will resolve problems such as the need to install elevators and parking shortages in old residential compounds, and develop barrier-free and age-friendly facilities. 

We will launch an initiative to upgrade basic education. We will enhance public-interest preschool education. 

Government subsidies for basic medical insurance for rural and non-working urban residents will increase by an average of 30 yuan per person. 

The minimum basic old-age benefits for rural and non-working urban residents will be raised by 20 yuan per month. We will continue to increase basic pensions for retirees and improve the unified national management system for basic old-age insurance funds. Efforts will be made to upgrade elderly and child care, housekeeping and other services and make them more accessible. 

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. We will make it easier for foreign nationals to work, study, and travel in China. 

We will improve fiscal, tax, financial, investment, and pricing policies in support of green development as well as relevant market-based mechanisms.