BRICS Media
NPC review of 2024 and outlook for 2025

On March 5, Premier Li Qiang delivered a report on the work of the government to the Third Session of the 14th National People's Congress, the main points of which are as follows:

 

Review of work in 2024

GDP growth of 5%

Grain output jumped to a new level of 1.4 trillion catties for the first time

12.56 million new jobs were created in urban areas

The annual output of new energy vehicles exceeded 13 million

Second, the main expected goals for this year

GDP grew by about 5 per cent

More than 12 million new jobs were created in urban areas

Consumer prices rose by about 2 percent

The grain output is about 1.4 trillion catties

Energy consumption per unit of GDP will be reduced by about 3%.

3. Some of the key tasks this year

Finance: The deficit rate is planned to be arranged at about 4%, and the deficit scale will increase by 1.6 trillion yuan over the previous year.

Government investment: It is planned to arrange 4.4 trillion yuan of local government special bonds, an increase of 500 billion yuan over the previous year. The total scale of new government debt was 11.86 trillion yuan, an increase of 2.9 trillion yuan over the previous year.

Special Treasury Bonds: It is planned to issue 1.3 trillion yuan of ultra-long-term special treasury bonds, an increase of 300 billion yuan over the previous year. It is planned to issue 500 billion yuan of special treasury bonds.

Consumption: Implement special actions to boost consumption. Arrange 300 billion yuan of ultra-long-term special treasury bonds to support the trade-in of consumer goods.

New quality productivity: Promote the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy. Cultivating future industries such as biomanufacturing, quantum technology, embodied intelligence, and 6G. Accelerate the digital transformation of manufacturing. Vigorously develop a new generation of intelligent terminals and intelligent manufacturing equipment such as intelligent networked new energy vehicles, artificial intelligence mobile phones and computers, and intelligent robots.

Education: Expand the supply of places at the high school level and gradually introduce free pre-school education.

Market environment: Implement a long-term mechanism to solve the problem of arrears of enterprises. Carry out special actions to regulate law enforcement involving enterprises

Opening-up: Promote the orderly opening up of the Internet, culture and other fields, and expand the opening up of pilot projects in the fields of telecommunications, medical care, and education.

Housing: Continue to push the real estate market to stop falling and stabilize. Efforts were made to renovate urban villages and dilapidated houses. Promote the acquisition of existing commercial housing. Continue to do a good job in ensuring the delivery of housing.

Rural revitalization: In-depth implementation of seed industry revitalization actions. We will start the compensation of inter-provincial horizontal interests in grain production and marketing areas under the overall planning of the central government, and increase support for large grain-producing counties. Broaden the channels for increasing peasants' income.

Urbanization: Promote the inclusion of eligible rural migrants in the housing security system. Continue to promote urban renewal and the transformation of old urban communities.

Ecology: Improve the incentive mechanism for green consumption, and promote the formation of green and low-carbon production methods and lifestyles.

Employment: Broaden the channels for employment and entrepreneurship of young people such as college graduates. Strengthen the protection of the rights and interests of workers in flexible employment and new forms of employment. Improve the level of treatment of skilled personnel.

Medical and health care: Optimize the policy of centralized drug procurement, and strengthen quality assessment and supervision. The per capita financial subsidy standards for residents' medical insurance and basic public health services will be increased by 30 yuan and 5 yuan respectively.

Social security: The minimum standard of basic pension for urban and rural residents will be increased by 20 yuan. Policies to promote childbirth have been formulated and childcare subsidies have been issued.

Finishing: Liang Changjie, Yue Xiaoqiao, Qiu Yaozhou, Shang Dan


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