The Ultra-Concise Version of China’s Government Work Report for 2024 Is Here! Only 700 Words

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On March 5, Premier Li Qiang delivered the government work report to the second session of the 14th National People’s Congress, highlighting the following points:

1. Review of Work in 2023

  • The Gross Domestic Product (GDP) grew by 5.2%.
  • Grain production reached 1.39 trillion jin (approximately 695 billion kilograms).
  • 12.44 million new urban jobs were created.
  • Over 2.2 trillion yuan in new tax and fee reductions were implemented.
  • The production and sales volume of new energy vehicles accounted for more than 60% of the global market share.
  • Exports of electric vehicles, lithium batteries, and photovoltaic products, known as the “new trio,” grew by nearly 30%.

2. Main Targets for This Year

  • GDP growth of around 5%.
  • Over 12 million new urban jobs.
  • Consumer price index (CPI) increase of around 3%.
  • Grain production of more than 1.3 trillion jin (approximately 650 billion kilograms).
  • A reduction of about 2.5% in energy consumption per unit of GDP.

3. Key Work Areas for This Year

  • Fiscal Policy: The deficit ratio is planned to be set at 3%. General public budget spending is to increase by 1.1 trillion yuan compared to last year.
  • Government Investment: Local government special bonds are planned at 3.9 trillion yuan. Central budget investment is planned at 700 billion yuan.
  • Special National Bonds: Starting this year, ultra-long-term special national bonds will be issued for several consecutive years, specifically for the implementation of major national strategies and key areas of security and capacity building, with an initial issuance of 1 trillion yuan this year.
  • Future Industries: Open new tracks in quantum technology, life sciences, and more.
  • Digital Economy: Carry out the “Artificial Intelligence +” initiative.
  • Consumption: Encourage and promote the trade-in of old goods for new ones to boost consumption of intelligent connected new energy vehicles, electronic products, and other major items.
  • Housing: Increase the construction and supply of affordable housing and improve the fundamental systems related to commercial housing.
  • Employment: Strengthen policies and measures to promote youth employment. Categorically improve flexible employment service and protection measures.
  • Rural Revitalization: Implement three major policies for the cost and income insurance of staple grain production nationwide. Strengthen the construction of charging piles, cold chain logistics, and postal delivery facilities.
  • Urbanization: Steadily implement urban renewal actions. Promote solutions to problems such as adding elevators and parking in old residential communities.
  • Education: Carry out actions to expand, optimize, and improve the quality of basic education. Promote the inclusive development of preschool education.
  • Health Insurance: Increase the per capita financial subsidy standard for residents’ medical insurance by 30 yuan.
  • Social Security: Increase the minimum monthly basic pension for urban and rural residents by 20 yuan, continue to raise the basic pension for retirees. Implement a personal pension system nationwide. Increase the supply of child care services through multiple channels.
  • Opening Up: Fully lift restrictions on foreign investment in the manufacturing sector, ease market access in the telecommunications, healthcare, and other service industries. Enhance the convenience for foreigners working, studying, and traveling in China.
  • Environmental Protection: Improve financial, fiscal, investment, pricing policies, and related market mechanisms supporting green development.