REPORT ON THE WORK OF THE GOVERNMENT

 

Delivered at the Second Session of the 14th National People’s Congress of

the People’s Republic of China on March 5, 2024

 

Li Qiang

 

Premier of the State Council

 

Fellow Deputies,

 

       On behalf of the State Council, I will now report to you on the work of the government for your deliberation and also for comments from members of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC).

 

I. A Review of Our Work in 2023

 

       2023 was the first year for fully implementing the guiding principles from the 20th National Congress of the Communist Party of China (CPC). It was also this government’s first year to perform its duties in accordance with the law. In the face of an unusually complex international environment and the challenging tasks of advancing reform and development and ensuring stability at home, the Party Central Committee with Comrade Xi Jinping at its core brought together the Chinese people of all ethnic groups and led them in withstanding external pressures and overcoming internal difficulties with dedicated efforts.

 

       We secured a smooth transition in epidemic response following a major, decisive victory in the fight against Covid-19. The main goals and tasks for economic and social development in 2023 were accomplished, and we made steady progress in pursuing high-quality development, maintained overall social stability, and made solid advances in building a modern socialist country in all respects.

 

       —Overall economic recovery and growth were boosted.

 

       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. A total of 12.44 million urban jobs were added, and the average surveyed urban unemployment rate stood at 5.2 percent. The consumer price index (CPI) rose by 0.2 percent. A basic equilibrium was maintained in the balance of payments.

 

       —Significant progress was made in building a modernized industrial system.

 

       Traditional industries saw accelerated transformation and upgrading, strategic emerging industries achieved vigorous growth, and ground work was laid for developing industries of the future. Advanced manufacturing was further integrated with modern services, and a number of world-class innovations were made in major industries. C919, a homemade airliner, went into commercial operation, and a domestically-built large cruise ship was delivered. China accounted for over 60 percent of global electric vehicle output and sales.

 

       —New breakthroughs were made in scientific and technological innovation.

 

       We made major headway in establishing a system of national laboratories and achieved fruitful results in developing core technologies in key fields. Substantial progress was made in the research and development (R&D) of high-end equipment, such as aircraft engines, gas turbines, and 4th-generation nuclear power units. A stream of innovations emerged in frontier areas such as artificial intelligence (AI) and quantum technology. The volume of contracted technology transactions grew by 28.6 percent. These achievements have further enhanced our capacity for innovation-driven development.

 

       —Reform and opening up were deepened.

 

       The latest round of institutional reform at the central government level was generally completed, and such reform at the local government level proceeded in a well-planned way. We stepped up efforts to build a unified national market, launched an initiative to deepen and upgrade state-owned enterprise (SOE) reform, and adopted policies to spur the growth of the private sector. The layout of pilot free trade zones was further improved, and the global market share of China’s exports remained stable. The mix of utilized foreign investment was improved; the Belt and Road Initiative cooperation gained greater international influence and appeal.

 

       —The foundations for secure development were further consolidated.

 

       Grain output reached a record of 695 million metric tons. The supply of energy and resources remained stable. China’s important industrial and supply chains became more self-supporting and related risks were better controlled. Steady progress was made in defusing major economic and financial risks. Infrastructure was further modernized.

 

       —The environment saw steady improvements.

 

       Thanks to further steps to prevent and control pollution, the discharge of major pollutants continued to fall and the quality of surface water and offshore water continued to improve. The shelterbelt program in northeast, north, and northwest China entered a crucial stage. China’s installed renewable energy capacity surpassed its thermal power capacity for the first time in history, and China accounted for over half of newly installed renewable energy capacity worldwide.

 

       —People’s wellbeing was ensured.

 

       Per capita disposable income of residents increased by 6.1 percent, and the income gap between urban and rural residents continued to narrow. The gains of poverty elimination were consolidated and expanded, with per capita income in rural areas that have been lifted out of poverty growing by 8.4 percent. We increased subsidies for compulsory education, basic old-age insurance, and basic medical insurance and expanded the coverage of assistance and support. Over 66 million taxpayers benefited from an increase in special additional deductions for individual income tax, which cover children nursing expenses, children’s education, and elderly care expenses. We redoubled efforts to renovate old urban residential compounds and develop government-subsidized housing, benefiting over 10 million households.

 

        Looking back at 2023, we can see that as we faced an array of interwoven difficulties and challenges, China’s economy grew in a wave-like fashion amid twists and turns. Indeed, our achievements did not come easily.

 

       Globally, the economic recovery was sluggish. Geopolitical conflicts became more acute, protectionism and unilateralism were on the rise, and the external environment exerted a more adverse impact on China’s development.

 

       Domestically, owing to the impact of a three-year Covid-19 pandemic, many difficulties facing our economic recovery and development had yet to be resolved. While deep-seated, long-standing issues became more pronounced, many new developments and problems emerged. A drop in external demand coincided with a lack of domestic demand, and both cyclical and structural issues existed. Risks and potential dangers in real estate, local government debt, and small and medium financial institutions were acute in some areas. Some places were hit hard by natural disasters, such as floods, typhoons, and earthquakes. Under these circumstances, we faced considerably more dilemmas in making policy decisions and doing our work.

 

       However, thanks to the concerted efforts of the entire nation, we accomplished the year’s development goals and embraced positive changes on many fronts. In particular, we acquired a deeper understanding of the laws governing economic work in the new era and gained valuable experience in overcoming major difficulties. All this demonstrates that under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, the Chinese people have the courage, vision, and strength to meet any challenge and overcome any obstacle. There is no doubt that in pursuing development, China will continue to surge ahead, cleave mighty waves, and advance toward a great future.

 

       Last year, we thoroughly studied and implemented the guiding principles from the 20th CPC National Congress and the Second Plenary Session of the 20th CPC Central Committee and implemented the decisions and plans of the Party Central Committee. On that basis, we mainly carried out the following work:

 

       1. We strengthened macro regulation and promoted steady economic recovery and growth.

 

       In light of grave challenges and the particular conditions of the post-Covid economic recovery, we took coordinated steps to ensure stable growth and sustain its momentum, and gave priority to consolidating the foundations of the economy and taking targeted measures. We ensured the proper timing, intensity, and effect in conducting macro regulation, and strengthened counter-cyclical adjustments. We refrained from resorting to a deluge of stimulus policies or strong short-term stimulus measures, and made greater efforts to promote high-quality development. Over the course of the year, China’s economy experienced a slow start, but reached a midyear peak, and achieved stable growth in the latter half.

 

       To expand domestic demand, improve the economic structure, bolster confidence, and prevent and defuse risks, we adopted a full range of robust and effective policies, namely, extending and improving a number of time-limited policies and rolling out a new batch of timely policies.

 

       We enhanced the intensity and effectiveness of fiscal policies and ensured spending in key areas. Additional tax and fee relief measures introduced last year resulted in savings exceeding 2.2 trillion yuan, and an additional 1 trillion yuan of treasury bonds was issued to support post-disaster recovery and reconstruction and build up capacity for disaster prevention, mitigation, and relief.

 

       Monetary policies were implemented in a targeted and effective way. Required reserve ratios and policy interest rates were lowered two times, and there was a significant increase in loans issued to support scientific and technological innovation, advanced manufacturing, micro and small businesses, and green development initiatives.

 

       Thanks to policies to boost consumer spending such as those on automobiles, home furnishing, electronic products, and tourism, spending on big-ticket items steadily picked up and consumption of consumer services recovered quickly.

 

       We fully leveraged the role of government investment in boosting overall investment and adopted policies for promoting non-governmental investment. There was rapid growth in investments in energy and water conservancy infrastructure as well as the manufacturing sector.

 

       We improved city-specific policies on real estate regulation, worked to lower housing mortgage costs, and ensured the delivery of housing projects. We formulated and implemented a package of steps to address local government debt, dealt with financial risks by type, and ensured that no systemic risks arose.

 

       2. We promoted industrial upgrading through innovation and gained new momentum for coordinated urban-rural and regional development.

 

       To build China’s strength in strategic science and technology, we stepped up efforts to implement major science and technology programs. We adopted an overarching plan to advance new industrialization. We took measures to ensure the stable performance of the industrial sector and support advanced manufacturing, and increased the additional tax deductions for R&D expenses of enterprises in key industries. This helped promote high-quality development of key industrial chains. As a result, industrial enterprise profits stopped declining and began growing.

 

       The digital economy posted rapid growth, and 5G penetration rate in China topped 50 percent. The new urbanization strategy was further advanced. Restrictions on permanent urban residency were further relaxed or lifted, the overall carrying capacity of county seats was increased, and the share of permanent urban residents in the total population rose to 66.2 percent.

 

       We adopted stronger support policies to develop agriculture and took effective steps to protect against natural disasters and ensure good harvests. New initiatives were launched to increase grain production capacity by 50 million metric tons, and solid progress was made in rural revitalization.

 

       The systems and mechanisms for coordinated regional development were refined. We adopted new measures and launched major projects to implement major regional strategies, thus ensuring better coordinated and more balanced regional development.

 

       3. We deepened reform, expanded opening up, and continued to improve the business environment.

 

       A master plan for building a unified national market was released, and a number of policies and regulations that impeded fair competition were abolished. We adopted separate policies on supporting the development of SOEs, private enterprises, and foreign-funded enterprises, and put in place a mechanism for regular government-business communication. Special initiatives were launched to settle overdue payments owed to enterprises, and intensified efforts were made to end unjustified charges.

 

       Reforms were deepened in the fiscal, taxation, and financial systems, in agriculture and rural areas, and in ecological conservation, environmental protection, and other areas. The volume of foreign trade remained stable and its mix was improved, and there was a 30-percent increase in exports of the “new trio,” namely, electric vehicles, lithium-ion batteries, and photovoltaic products.

 

       We improved policies to attract foreign investment and expanded institutional opening up. We took solid steps to promote high-quality Belt and Road Initiative (BRI) cooperation, achieving rapid growth in trade and investment with our BRI partners.

 

       4. We stepped up efforts to protect and improve the environment and accelerated the transition to a model of green development.

 

       We advanced the Beautiful China Initiative and continued efforts to keep the skies blue, waters clear, and lands clean. We accelerated the implementation of major projects for protecting and restoring key ecosystems. Comprehensive prevention and treatment of soil erosion and desertification were intensified. Environmental inspection was stepped up.

 

       Policies were adopted to support the development of green and low-carbon industries. Ultra-low emission retrofitting was carried out in key industries. Trials for peaking carbon emissions began in the first group of cities and industrial parks. China actively participated in and promoted global climate governance.

 

       5. We made every effort to ensure public wellbeing and advanced the development of social programs.

 

       We addressed the people’s concerns and delivered benefits to them. We adopted, with a strong emphasis on keeping employment stable, policies to support enterprises in stabilizing and expanding employment and improved services to help college graduates and other key groups secure employment. Over 33 million people lifted out of poverty found jobs last year.

 

       We intensified efforts to shore up weak links in compulsory education and relieve students of excessive burdens from homework and off-campus tutoring. The cap on government-subsidized student loans was raised and their interest rates were lowered, benefiting more than 11 million college students.

 

       Measures for dealing with Class B infectious diseases were applied in Covid-19 response, and solid steps were taken to prevent and control infectious diseases such as flu and mycoplasma pneumonia. Outpatient expenditures were covered by funds under unified management in the basic medical insurance system for urban employees.

 

       We improved comprehensive public service facilities in communities and did more to develop assisted catering services for the elderly. Benefits for entitled groups were increased. We ensured that the basic needs of people in difficulty were met. We responded effectively to major floods in the Hai River basin and other basins, carried out rescue and relief operations in the earthquake-hit Jishishan of Gansu Province and other disaster-hit areas, and supported post-disaster recovery and reconstruction efforts.

 

       We promoted cultural preservation and development and realized a full recovery in the tourism market. Recreational sports developed vigorously. The 2021 FISU World University Games in Chengdu and the 19th Asian Games and the 4th Asian Para Games in Hangzhou were successfully concluded, and Chinese athletes excelled in competition.

 

       6. We worked to improve government performance across the board and redoubled efforts to enhance governance.

 

       We were firm in upholding the authority of the CPC Central Committee with Comrade Xi Jinping at its core and its centralized, unified leadership and took decisive, rapid, and effective steps to fully implement the decisions and plans of the Party Central Committee. We launched initiatives to gain a good understanding of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and act on it. With top priority given to political advancement, we enhanced the government’s capacity to perform its duties in all areas.

 

       We made further progress in building a rule of law government. We submitted 10 legislative proposals to the Standing Committee of the National People’s Congress (NPC) for deliberation, formulated or revised 25 sets of administrative regulations, and launched a three-year action plan for improving administrative law enforcement. We readily accepted oversight in compliance with the law and handled with full attention suggestions and proposals from NPC deputies and CPPCC National Committee members.

 

       We prioritized research and studies and saw to it that our policies and work were grounded in reality and pertained to public concerns. We improved the mechanisms for conducting inspections and made a stronger push to improve Party conduct, build integrity, and fight corruption. We strictly implemented the central Party leadership’s eight-point decision on improving work conduct, continued to rectify pointless formalities, bureaucratism, hedonism, and extravagance, and effectively conducted inspections and rectifications in financial institutions, SOEs, and other institutions.

 

       We developed new and improved ways of conducting governance in urban and rural communities and took solid steps to handle public complaints. We redoubled efforts to ensure workplace safety and improve emergency management and launched special initiatives to identify and address potential dangers that could cause major accidents.

 

       China’s national security system was improved. We adopted a full range of steps to maintain law and order and cracked down hard on telecom and online fraud and other criminal activities, thus making new progress in building a Peaceful China.

 

       In 2023, we advanced major-country diplomacy with Chinese characteristics on all fronts. President Xi Jinping and other Party and state leaders visited many countries and attended major bilateral and multilateral events such as the 15th BRICS Summit, the 30th APEC Economic Leaders’ Meeting, and the leaders’ meetings on East Asian cooperation. China hosted a number of major diplomatic events, including the China-Central Asia Summit and the Third Belt and Road Forum for International Cooperation.

 

       We promoted the building of a human community with a shared future and strived to put into action the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative. We further expanded global partnerships and played an active and constructive role in addressing international and regional hotspot issues. With these efforts, China has made important contributions to global peace and development.

 

Fellow Deputies,

 

       We owe our achievements in 2023 to General Secretary Xi Jinping, who is at the helm charting the course, to the sound guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, to the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, and to the concerted efforts of the whole Party, the armed forces, and Chinese people of all ethnic groups.

 

       On behalf of the State Council, I express sincere gratitude to all our people, and to all other political parties, people’s organizations, and public figures from all sectors of society. I express heartfelt appreciation to our fellow countrymen and women in the Hong Kong and Macao special administrative regions, in Taiwan, and overseas. I also express heartfelt thanks to the governments of other countries, international organizations, and friends across the world who have shown understanding and support for us in China as we pursue modernization.

 

       While recognizing our achievements, we are keenly aware of problems and challenges that confront us.

 

       Global economic growth lacks steam, and regional hotspot issues keep erupting. China’s external environment has become more complex, severe, and uncertain.

 

       The foundation for China’s sustained economic recovery and growth is not solid enough, as evidenced by a lack of effective demand, overcapacity in some industries, weak public expectations, and many lingering risks and hidden dangers. Furthermore, there are blockages in domestic economic flows, and the global economy is affected by disruptions.

 

       Some small and medium-sized enterprises (SMEs) and self-employed individuals face difficulties in their operations. We are confronted with both pressure on overall job creation and structural employment problems, and there are still many weak links in public services. Some primary-level governments are facing fiscal difficulties.

 

       China’s capacity for scientific and technological innovation needs to be further improved. There are still many challenging issues concerning reforms in key areas that need to be addressed. We have a long way to go in protecting and improving the environment, and weak links in workplace safety should not be ignored.

 

       There is also room for improvement in the work of the government. Pointless formalities and bureaucratism remain acute, and some reform and development steps have yet to be fully implemented. Some officials lack the readiness to get down to work, evade responsibilities, and do their work in a perfunctory way. Corruption remains a common problem in some sectors.

 

       But you can rest assured that we will face these problems and challenges head-on, make every effort to deliver, and do our utmost to live up to the expectations and trust of the people.

 

II. Overall Requirements and Policy Orientation for

Economic and Social Development in 2024

 

       This year marks the 75th anniversary of the People’s Republic of China. It is also a crucial year for achieving the objectives and tasks laid down in the 14th Five-Year Plan. For the government to deliver, it is important, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, to do the following:

 

       • follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era

       • implement the guiding principles from the Party’s 20th National Congress and the Second Plenary Session of the 20th Party Central Committee

       • act on the guidelines of the Central Economic Work Conference

       • adhere to the general principle of pursuing progress while ensuring stability

       • fully and faithfully apply the new development philosophy on all fronts, move faster to create a new pattern of development, and promote high-quality development

       • deepen reform and opening up across the board

       • achieve greater self-reliance and strength in science and technology

       • strengthen macro regulation

       • expand domestic demand and deepen supply-side structural reform

       • promote new urbanization and all-around rural revitalization in a coordinated way

       • ensure both high-quality development and greater security

       • boost economic vitality, prevent and defuse risks, and improve public expectations

       • consolidate and build momentum for economic recovery and growth

       • continue to effectively pursue higher-quality economic growth and appropriately increase economic output

       • improve the people’s wellbeing

       • maintain overall social stability

 

       These efforts will ensure that we make further progress in building a great country and advancing national rejuvenation on all fronts through Chinese modernization.

 

       A comprehensive analysis and assessment shows that China’s development environment this year will continue to feature both strategic opportunities and challenges, with favorable conditions outweighing unfavorable ones.

 

       China has distinctive institutional strengths and the advantages of vast market demand, a complete industrial system to ensure supply, and a huge and high-caliber workforce. In addition, our country’s capacity for scientific and technological innovation continues to grow, new industries, new business models, and new growth drivers are expanding at a faster pace, and the internal drive for development is building. The underlying trend of economic recovery and long-term growth remains unchanged and will not change. So we must be more confident and more assured of ourselves.

 

       On the other hand, we should not lose sight of worst-case scenarios and should be well prepared for all risks and challenges. As long as we fully implement the decisions and plans of the Party Central Committee, make good use of all favorable opportunities and conditions, and fully leverage the motivation, dedication, and creativity of everyone, we will undoubtedly overcome difficulties and challenges and promote sound and steady economic growth.

 

       The main targets for development this year are projected as follows:

 

       • 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

       • growth in personal income in step with economic growth

       • a basic equilibrium in the balance of payments

       • grain output of over 650 million metric tons

       • a drop of around 2.5 percent in energy consumption per unit of GDP

       • continued improvements in the environment

 

       In setting these targets, we have considered evolving dynamics at home and abroad and other relevant factors as well as what is needed and what is possible. In setting the growth rate at around 5 percent, we have taken into account the need to boost employment and incomes and prevent and defuse risks. This growth rate is well aligned with the objectives of the 14th Five-Year Plan and the goal of basically realizing modernization. It also takes account of the potential for growth and the conditions supporting growth and reflects the requirement to pursue progress and strive to deliver. Achieving this year’s targets will not be easy, so we need to maintain policy focus, work harder, and mobilize the concerted efforts of all sides.

 

       We should adhere to the principles of pursuing progress while ensuring stability, promoting stability through progress, and establishing the new before abolishing the old.

 

       Stability is of overall importance, as it is the basis for everything we do. All localities and government departments should adopt more policies that are conducive to keeping expectations, economic growth, and employment stable. They should take good care in formulating measures that could be contractionary or inhibitive in nature and overhaul or abolish policies and regulations that hinder high-quality development.

 

       Making progress is our goal, and it is also what motivates us. Therefore, we should proactively establish what is needed and resolutely abolish what is obsolete once the new is in place. In particular, we must push ahead with transforming the growth model, making structural adjustments, improving quality, and enhancing performance.

 

       We should intensify counter- and cross-cyclical adjustments through macro policies, continue to implement a proactive fiscal policy and a prudent monetary policy, and strengthen coordination between policy instruments while developing new ones.

 

       We should appropriately enhance the intensity of our proactive fiscal policy and improve its quality and effectiveness.

 

       We should take into account both development needs and fiscal sustainability, leverage fiscal policy space, and improve the policy toolkit. 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. It is projected that fiscal revenue will continue to grow in 2024 and we will also have funds transferred from other sources; on this basis, 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. This year, 3.9 trillion yuan of special-purpose bonds for local governments will be issued, an increase of 100 billion yuan over last year.

 

       To systematically address funding shortages facing some major projects for building a great country and advancing national rejuvenation, 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.

 

       Additional government investment is needed in many sectors this year. This means that we should further improve the structure of government spending, ensure sufficient funding for major national strategic tasks and efforts to meet the people’s basic living needs, and strictly control general expenditures.

 

       The central government will increase transfer payments to local governments for ensuring equal access to basic public services, which will appropriately tilt toward regions facing economic difficulty. Governments at the provincial level, meanwhile, should allocate more fiscal resources to lower-level governments to see that, at the primary level, basic living needs are met, salaries are paid, and governments function smoothly.

 

       We should fully implement structural tax and fee reduction policies, with priority given to supporting scientific and technological innovation and the development of the manufacturing sector.

 

       We must tighten up financial and economic discipline and intensify oversight on accounting. Prestige and vanity projects and wasteful and excessive spending will be strictly prohibited. Governments at every level must get used to keeping their belts tightened, run on lean budgets, and ensure that fiscal funds are used where they are needed most and to the best effect.

 

       We should implement a prudent monetary policy in a flexible, appropriate, targeted, and effective way.

 

       We should maintain adequate liquidity at a proper level and see that aggregate financing and money supply stay in step with the projected economic growth and CPI increase. We should adjust both the monetary aggregate and structure, put idle funds to good use, and step up support for major strategies, key areas, and weak links. We should work for a steady decline in overall financing costs. We should improve the monetary policy transmission mechanism to prevent funds from sitting idle or simply circulating within the financial sector. The underlying stability of the capital market should be enhanced.

 

       The RMB exchange rate should remain generally stable at an adaptive, balanced level. We should boost the development of technology finance, green finance, inclusive finance, pension finance, and digital finance. To better meet the fundraising needs of micro, small, and medium enterprises, supporting measures such as credit enhancement, risk sharing, and information sharing should be improved.

 

       We should enhance the consistency of macro policy orientation.

 

       To promote overall national development, we should strengthen coordination between fiscal, monetary, employment, industrial, regional, scientific and technological, and environmental policies and include noneconomic policies in evaluating the consistency of macro policy orientation. Policy coordination should be enhanced so that all policies are well-aligned and form synergy.

 

       In policymaking, all localities and government departments should heed and draw on the propositions and views of all parties concerned. They should pay attention to the views of market entities and address their concerns when formulating enterprise-related policies.

 

       In policy implementation, we should strengthen coordination and interplay between policies to see that together they deliver greater outcomes. We should avoid focusing on one single policy to the detriment of others or letting one policy impede another.

 

       In developing policy options, we should be forward looking and expand our policy toolkit. We should leave sufficient leeway so that policies can be rolled out and produce the desired effect as soon as they are called for.

 

       We should strengthen follow-up evaluations of policy implementation, taking the degree of satisfaction among enterprises and the people as an important yardstick, and make timely policy adjustments and improvements. We should communicate policies to the public in a well-targeted way to create a stable, transparent, and predictable policy environment.

 

       In order to fulfill the development goals and tasks for this year, we must act on Xi Jinping Thought on the Economy and devote full energy to promoting high-quality development. We should apply systems thinking, pay attention to and properly handle major relationships, and develop in-depth plans and advance all areas of work with the overall picture in mind.

 

       As we strive to achieve this year’s growth targets, we should put quality first and give priority to performance, continue to consolidate the foundations of the economy, make macro regulation more targeted and effective, and keep in mind the expectations of enterprises and the people when deciding on work and policy priorities.

 

       We should ensure that high-quality development and greater security reinforce each other and do more to pursue development and provide assistance to enterprises on the basis of ensuring security.

 

       We should continue to improve the people’s wellbeing as we pursue development, address inadequacies in public wellbeing from the perspective of development, and foster new growth drivers in the course of solving pressing difficulties and problems that concern the people most.

 

       Ultimately, high-quality development depends on reform. We should deepen reform and opening up with greater resolve and effort, promote better interplay between an efficient market and a well-functioning government, further stimulate and boost the vitality of our society, and strive to make greater progress in pursuing high-quality development.