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 (NPC), the main points of which are as follows:
1. Review of the work in 2024
- Gross Domestic Product (GDP) growth of 5%
- Grain output jumped to a new level of 1.4 trillion pounds for the first time
- New urban employment of 12.56 million people
- Annual production of new energy vehicles exceeded 13 million
2. Main expected goals for this year
- GDP growth of about 5%
- More than 12 million new jobs in cities and towns
- Consumer price increase of about 2%
- Grain output of about 1.4 trillion pounds
- Reduce energy consumption per unit of GDP by about 3 percent
3. Part of this year's key work
Finance: Deficit rate to be arranged at around 4%, with the deficit increased by RMB 1.6 trillion from the previous year.
Government investment: It is proposed to arrange local government special bonds 4.4 trillion yuan, an increase of RMB 500 billion over the previous year. The total new government debt is RMB 11.86 trillion, an increase of RMB 2.9 trillion from the previous year.
Special treasury bonds: It is proposed to issue ultra-long-term special treasury bonds of RMB 1.3 trillion, an increase of RMB 300 billion over the previous year. It is proposed to issue special national bonds of RMB 500 billion.
Consumption: Implementing special actions to boost consumption. Arranging RMB 300 billion of ultra-long-term special national bonds to support the replacement of old consumer goods with new ones.
New quality productivity: Promote the safe and healthy development of new industries such as commercial spaceflight and low-altitude economy. Cultivate future industries such as bio-manufacturing, quantum technology, embodied intelligence and 6G. Accelerate the digital transformation of the manufacturing industry. Vigorously develop new-generation smart terminals such as smart grid-connected new energy vehicles, artificial intelligence cell phones and computers, smart robots, and smart manufacturing equipment.
Education: Expand the supply of high school education places and gradually implement free preschool education.
Market environment: Implement a long-term mechanism for solving the problem of delinquent enterprise accounts. Carry out special actions to standardize law enforcement involving enterprises.
Opening up: Promote the orderly opening up of the Internet, culture and other fields, and expand the opening up of telecommunications, medical care, education and other fields on a pilot basis.
Housing: Continuing to push the real estate market to stop falling and stabilize. Strengthening the implementation of urban villages and the renovation of old and dilapidated houses. Promote the acquisition of stock of commercial housing.Continue to do a good job in guaranteeing the delivery of housing.
Rural revitalization: Deepen the implementation of the seed industry revitalization action. Launch inter-provincial horizontal benefit compensation for grain-producing and marketing areas under centralized coordination, and increase support for large grain-producing counties. Broadening channels for farmers to increase their incomes.
Urbanization: Promote the inclusion of eligible agricultural transfer population into the housing security system. Continuously promote urban renewal and transformation of old urban neighborhoods.
Ecology: Improve the incentive mechanism for green consumption, and promote the formation of green and low-carbon modes of production and lifestyles.
Employment: Broaden employment and entrepreneurship channels for college graduates and other young people. Strengthen the protection of the rights and interests of workers in flexible employment and new forms of employment. Improve the treatment level of skilled personnel.
Healthcare: Optimize drug collection and procurement policies, and strengthen quality assessment and supervision. The per capita financial subsidy standards for residents' medical insurance and basic public health services will be raised by another RMB 30 and RMB 5, respectively.
Social security: The minimum standard for basic pensions for urban and rural residents will be raised by another RMB 20. Formulating policies to promote childbirth and granting childcare subsidies.
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