Today (March 6), let's turn to a press conference on the sidelines of the fourth session of the 14th National People's Congress (NPC).
Invited speakers include Zheng Shanjie, Chairman of the National Development and Reform Commission (NDRC); Lan Fo'an, Minister of Finance; Wang Wentao, Minister of Commerce; Pan Gongsheng, Governor of the People's Bank of China (PBOC); and Wu Qing, Chairman of the China Securities Regulatory Commission.
China's GDP is expected to grow by over 6 trillion yuan (about 869.6 billion USD) this year, which will provide solid support for employment, people's well-being, and risk prevention, Zheng Shanjie said at the press conference. Industries based on the BeiDou Navigation Satellite System (BDS) are likely to see their scale top 1 trillion yuan (about 144.9 billion USD) in five years.
Also, China's artificial intelligence (AI) related industries will be valued at more than 10 trillion yuan (1.45 trillion USD) by the end of the 15th Five-Year Plan period (2026-2030). The country will continue to advance its "AI Plus" initiative during the period, he added.
Measured by purchasing power parity, the scale of China's consumer market topped the world during the 14th Five-Year Plan period (2021-2025), said Commerce Minister Wang Wentao.
According to Finance Minister Lan Fo'an, China's fiscal fund allocation is expected to reach record highs in terms of total expenditure, the scale of new government bond issuance, and central government transfer payments to local governments.
A "more targeted and inclusive" set of listing standards will be added to the ChiNext board in the near future, said Wu Qing. He also mentioned that active support will be given to high-quality innovative and entrepreneurial firms operating in new types of consumption and modern services to issue shares on the ChiNext board.
It is widely recognized that a "healthy economic structure" is the foundation for sustainable development. The "number ones" and "record highs" reflect the "resilience" of the Chinese economy, while terms like AI, the BeiDou Navigation Satellite System, and China's ChiNext Board also showcase its "vibrancy." "Resilience" represents the present, while "vibrancy" points to the future. We believe that the achievements of future economic development will be even more remarkable.
Tomorrow, we will have another press conference related to people's livelihoods. Unlike some of the more "highbrow" economic concepts, livelihood issues are the most fundamental and down-to-earth matters, and they represent the greatest embodiment of the principle of "serving the people." Don't forget to stay tuned!
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