Multiple departments are speaking out intensively! This is what China’s economy will do in 2024
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Facing the complex external environment and domestic transformation pressure, how can China’s economy further consolidate the foundation for recovery? In 2024, how can the proactive fiscal policy be appropriately strengthened and improve its quality and efficiency? How to enhance industrial technological innovation capabilities and accelerate the cultivation of new drivers of foreign trade? How to maintain food security and fill China’s rice bowl with Chinese food?
For a period of time, five series of economic situation report conferences on “Comprehensively Promoting Chinese-style Modernization” have been held in Beijing. Responsible comrades from the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Commerce, and the Ministry of Agriculture and Rural Affairs made special reports respectively, responding to hot topics and explaining in detail the economic policy trends in 2024.
Continue to promote the economy to achieve effective qualitative improvement and reasonable quantitative growth
my country’s economic recovery is still at a critical stage. The basic long-term positive trend has not changed, but some difficulties and challenges still need to be overcome. Consolidating and strengthening the upward trend cannot be separated from the effective connection and continuous efforts of policies.
Zheng Shajie, director of the National Development and Reform Commission, said that in 2024, we must focus on the central task of economic construction and the primary task of high-quality development, and promote the continuous implementation of various macro policies to achieve results.
Stabilize the basic market. Strengthen the coordination and cooperation of fiscal, monetary, employment, industry, regional, science and technology, environmental protection and other policies, and incorporate non-economic policies into the consistency assessment of macro policy orientation to ensure that efforts are made in the same direction and synergy is formed. Promote the growth of residents’ income in line with economic growth, and cultivate more new consumption formats and new hot spots. We will do a good job in implementing the project to issue additional treasury bonds and accelerate the construction of affordable housing.
Cultivate new momentum. Vigorously promote high-level scientific and technological self-reliance and self-reliance, further accelerate the research and development, application and promotion of cutting-edge technologies such as new energy, artificial intelligence, and biomanufacturing, and strengthen national strategic scientific and technological strength.
Inspire new energy. Continue to deepen reforms in key areas, implement in-depth actions to deepen and improve the reform of state-owned enterprises, implement the opinions on promoting the development and growth of the private economy, strengthen system construction and supervision in areas such as property rights protection, fair competition, and social credit, and accelerate the construction of a unified national market. At the same time, we will promote high-level opening up to the outside world, continue to increase efforts to attract and utilize foreign investment, further promote urban-rural integration and coordinated regional development, continuously improve the coordination and balance of development, give greater emphasis to the priority orientation of employment, and ensure, ensure and secure the bottom line of people’s livelihood.
Zheng Shanjie said that we should increase macro-control efforts and continue to promote the economy to achieve effective qualitative improvement and reasonable quantitative growth. “We have the confidence, ability, conditions, and confidence to continue to promote the continuous improvement of the economic structure and the continuous enhancement of growth momentum.” , the development trend continues to improve.”
Enhance scientific and technological innovation capabilities and promote the construction of a modern industrial system
Industry is the main body and growth engine of the national economy. To give full play to the role of industrial “ballast stone”, we must focus on improving the quality of industrial development and building a modern industrial system with advanced manufacturing as the backbone. Among them, improving scientific and technological innovation capabilities is crucial.
Jin Zhuanglong, Minister of the Ministry of Industry and Information Technology, said that in 2024, while fully promoting the steady growth of the industrial economy, we must focus on promoting industrial innovation through scientific and technological innovation. For example, we will comprehensively implement high-quality development actions for key manufacturing industry chains, further promote industrial base reconstruction projects and major technical equipment research projects, build a new batch of national manufacturing innovation centers in key areas, and start the creation of national new industrialization demonstration zones.
The main body of innovation is enterprises. The Ministry of Industry and Information Technology has made it clear that in 2024, it will support leading enterprises to optimize and integrate the industrial chain, innovation chain and value chain, promote the development of small and medium-sized enterprises towards specialization, specialization and innovation, and will strive to guide large enterprises to open various innovative resource elements to small and medium-sized enterprises, and encourage pioneers to Trial and use innovative products of small and medium-sized enterprises for the first time.
The focus of innovation lies in industry. For traditional industries that account for more than 80% of the manufacturing industry, efforts will be intensified to transform and upgrade, and “old trees will sprout new shoots” through the implementation of manufacturing technology transformation and upgrading projects. Focusing on advantageous industries such as new energy vehicles and rail transit equipment, we must speed up the strengthening, extension and repair of chains and expand the advantages of scale. Actively cultivate emerging industries and future industries, focus on the deep integration of artificial intelligence and manufacturing, vigorously develop smart products and equipment, smart factories, and smart supply chains, and accelerate the empowerment of digital technology.
“Comprehensively improve the level of advanced industrial foundation and modernization of the industrial chain, and continuously promote new breakthroughs in new industrialization.” Jin Zhuanglong said.
Strengthen policy support and financial guarantee to promote smooth circulation of national economy
Fiscal policy is an important means of macroeconomic control. In recent years, the financial department has continuously implemented proactive fiscal policies to contribute to stabilizing the macroeconomy. The Central Economic Work Conference held in December last year required that proactive fiscal policies should be moderately strengthened and improve quality and efficiency.
“This is the general tone set by the Party Central Committee for the fiscal policy in 2024 by focusing on the overall economic and social development.” Finance Minister Lan Fo’an said that in terms of “appropriate strengthening”, the main thing is to strengthen the coordination of financial resources and use special bonds, National debt and tax incentives, fiscal subsidies, fiscal interest discounts, financing guarantees and other policy tools will moderately expand the scale of fiscal expenditures. In addition to the fiscal’s own revenue, a certain size of deficit will be arranged in 2024, and some funds will be transferred from the budget stabilization fund and other government budgets to ensure that the total fiscal expenditure scale increases. In addition, we should rationally arrange the scale of government investment, increase balanced transfer payments, and optimize and adjust tax policies. In terms of “improving quality and increasing efficiency”, the main purpose is to promote the legalization, scientificization, standardization and normalization of financial management, so that the same money can be spent with greater results, and at the same time strengthen coordination and linkage with other macro policies to enhance the effect of supporting high-quality development.
Focusing on promoting high-quality development and advancing Chinese-style modernization, fiscal policy will also be further strengthened. The first is to support promoting consumption, expanding investment, stabilizing foreign trade, and better coordinating domestic and international circulation. The second is to adjust the structure, make up for shortcomings and strengths and weaknesses, and improve the quality of economic development. The third is to continue to improve people’s livelihood and well-being, so that development results can benefit all people more and more equitably.
“The financial department will completely, accurately and comprehensively implement the decisions and arrangements of the Party Central Committee, strengthen policy support and financial guarantees, and promote the smooth circulation of the national economy.” Lan Fo’an said.
Consolidate the fundamentals of foreign trade and foreign investment and accelerate the cultivation of new momentum
When the world economic recovery is weak and external demand is sluggish, how can my country’s foreign trade and foreign investment consolidate its fundamentals and cultivate new momentum?
“Expand high-level opening up to the outside world and consolidate the ‘three pillars’ of goods, services, and digital trade.” said Wang Wentao, Minister of Commerce.
Upgraded goods trade. We will implement the policies that have been introduced to stabilize foreign trade and promote the introduction of new policies in a timely manner. Expand trade in intermediate goods, promote the green development of trade and the digital transformation of the entire chain, promote the healthy, sustainable and innovative development of cross-border e-commerce, improve the professionalism, scale and intelligence of overseas warehouses, promote the gradual transfer of processing trade in the country, and be proactive Expand imports, strengthen trade and investment linkage, and attract more foreign investment in “Made in China” and “Chinese Services.”
Innovative service trade. Promote the introduction of policies related to the development of service trade, upgrade and build the national service trade innovation development demonstration zone, and promote the expansion and quality improvement of specialty service export bases. At the same time, we will deepen the opening up of the service sector, promote the relaxation of market access for telecommunications, medical and other service industries, and introduce and implement a negative list for cross-border service trade.
Develop digital trade. Promote the introduction of digital trade reform and innovation development policies, cultivate digital trade clusters with both technological and institutional innovation, actively participate in global digital trade governance, align with international high-standard economic and trade rules, and carry out pilot trials.
“The difficulties and challenges facing my country’s foreign trade development cannot be ignored, but the favorable conditions outweigh the unfavorable factors. We have the ability, confidence and confidence to take new steps in building a trade power at a higher level.” Wang Wentao said.
Maintain food security and effectively promote comprehensive rural revitalization
The fundamentals of “agriculture, rural areas and farmers” have been further consolidated, providing strong support for economic recovery and high-quality development. How to promote comprehensive rural revitalization in 2024?
“It is necessary to implement the ‘two guarantees, three improvements and two strengthens’ one by one.” said Tang Renjian, Minister of Agriculture and Rural Affairs.
The two guarantees are to ensure national food security and ensure that no large-scale return to poverty occurs. We must unswervingly focus on grain production, focus on stabilizing grain rations, corn, and soybeans, maintain overall stability in sown area, and improve large-area yields to ensure that annual grain output remains above 1.3 trillion kilograms. Promote the focus of various resources to enhance the endogenous development momentum of poverty-stricken areas and people who have been lifted out of poverty, and continue to consolidate and expand the results of poverty alleviation.
The third improvement is to improve the level of rural industry development, rural construction and rural governance. It is necessary to refine and optimize rural characteristic industries, plan and promote the construction of rural infrastructure and the improvement of public services, and other key tasks that are universal and beneficial to everyone, and make small things big and small things lead to areas.
Two strengthening means strengthening the two-wheel drive of science and technology and reform, and strengthening measures to increase farmers’ income. It is necessary to systematically promote scientific and technological innovation in agriculture and rural areas, advance rural reform in a solid and steady manner, and continuously expand channels for farmers to increase their income and become rich.
“With the deepening of Chinese-style modernization, we face rare strategic opportunities and better basic conditions to comprehensively promote rural revitalization and accelerate the construction of an agricultural power.” Tang Renjian said that we must focus on laying a solid foundation, stabilizing production capacity, preventing risks, increasing vitality, and promoting Agricultural and rural development continues to maintain a good momentum, and comprehensive rural revitalization continues to achieve substantial progress and phased results.
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