A photo taken on February 29, 2024 shows Guoyuan Port in Chongqing. Photo: VCG
The 14th National People's Congress (NPC) opened its second session on Tuesday morning at the Great Hall of the People, with President Xi Jinping and other Chinese leaders attending the opening session. Premier Li Qiang gave a report on government activities at the meeting. The report identified key development targets for this year, including gross domestic product (GDP) growth of around 5%. The preliminary figure for China's GDP in 2023 is 126 trillion yuan, and a 5% increase means an increase of 6.3 trillion yuan, which is more than the annual GDP of most countries. China's contribution to global economic growth is expected to continue to exceed 30%, making it the largest driving force of the global economy.
As always, China's GDP growth target has attracted considerable attention at home and abroad, and it has practical implications. Domestically, it reflects a shift away from focusing solely on GDP. The focus on GDP growth rate places more emphasis on its compatibility with various social development indicators and long-term development goals, indicating the pragmatic attitude of Chinese society in focusing on development from top to bottom. There is. The high international profile certainly reflects China's important position in the world economy. The development goals and tasks set by China are characterized by high certainty and high achievement, so China's GDP growth target is an important indicator for predicting and analyzing this year's global economic trends.
In general, a growth target of around 5% is considered by public opinion to be prudent, appropriate and realistically forward-looking. This growth target is 0.4 percentage points and 0.5 percentage points higher than the International Monetary Fund (IMF) and World Bank's prior forecasts for China's economic growth this year, respectively, demonstrating the economic resilience and potential of China's economy. This also reflects the influence of China's policy and its aggressiveness. As important data to guide annual and medium- to long-term business development, it not only needs to reflect a series of factors that influence domestic and international economic development, but also serves as a link between the past and the future. It is necessary to stimulate the inherent objective growth potential of China's economy, explore policy possibilities from a subjective perspective, and advance continued economic recovery and positive momentum.
The global importance of a growth target of around 5% is multifaceted. As the world's second-largest economy, the stability and certainty of its development goals and policy direction contribute significantly to global economic stability. The quantification of China's confidence and determination in its development will undoubtedly be a signal that will boost the global economic recovery process. A World Bank report earlier this year said that developed countries' growth rate would slow to 1.2% this year from 1.5% in 2023, while developing countries' growth rate would be just 3.9%, more than 1 percentage point lower. It is expected. Average over the past 10 years.
Imagine the state of the world economy without this 5% from China. The economic picture will become even more bleak and we will face serious recession risks. While some Western media and public opinion are keen to downplay China's economy, and some countries even advocate policies of “decoupling” from China, this approach is in the interests of the entire world, including their own. It damages the
The significance of the 5% growth target has special meaning for the Chinese people. China's economy has transitioned from a period of high growth to a period of medium-high growth, and has entered a high-quality development stage. Although the growth rate may not be as high as before, the optimization of structure, transformation of driving forces, and strong development of new high-quality production forces have brought unlimited potential to China's economy. In other words, China's economy is at an important stage of development, bridging the past and future and overcoming challenges. Achieving quality growth with a GDP target of 5% is an essential requirement of his two-stage strategic arrangement to build China into a modern socialist country in all aspects.
In addition to the GDP target, the main goals expected for 2024 include the creation of more than 12 million new jobs in urban areas, an urban survey unemployment rate of about 5.5 percent, an increase in CPI of about 3 percent, It includes an increase in resident income in sync with economic growth. growth. These goals constitute not only the essence of GDP but also its extension, and together they form the basis of China's economy and reflect its overall tendency to seek progress while maintaining stability.
The Government Work Report not only outlined development goals for 2024, but also provided a roadmap, blueprint and policy checklist. The spirit and consciousness of developing the nation through hard work is deeply ingrained in the blood of the Chinese people, and it is evident in government work reports and various practical issues at the national and social levels. The Communist Party of China Central Committee maintains a high level of vigilance regarding the challenges and problems that China may face in its development this year. This clarity, along with confidence and hard work, permeates throughout the Government Activity Report. As China's economy and public welfare continue to develop, the living standards of Chinese people are sure to improve, and each year is expected to be better than the previous year.
