2024 China'S Economy Does So! Multi Department Heads Explain The Trend Of Economic Policy In Detail

In the face of the complex external environment and the pressure of domestic transformation, how can China's economy further consolidate its recovery? In 2024, how can the proactive fiscal policy moderately strengthen, improve quality and efficiency? How to improve the technological innovation capability of the industry and speed up the cultivation of new foreign trade drivers? How to maintain food security and fill China's rice bowl with Chinese food?

For some time, five reports on the economic situation of "comprehensively promoting Chinese style modernization" have been held in Beijing. The heads of 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 trend of economic policies in 2024.

　　 Continuously promote the economy to achieve effective improvement in quality and reasonable growth in quantity

China's economic recovery is still at a critical stage, and the basic trend of long-term improvement has not changed, but some difficulties and challenges need to be overcome. Consolidating and strengthening the upward trend of recovery cannot be separated from the effective convergence and continuous efforts of policies.

Zheng Zhajie, director of the National Development and Reform Commission, said that in 2024, we should focus on the central task of economic construction and the primary task of high-quality development, and promote the implementation of various macro policies to achieve results.

Stabilize the basic plate. We will strengthen the coordination and cooperation of fiscal, monetary, employment, industrial, regional, science and technology, environmental protection and other policies, incorporate non economic policies into the evaluation of the consistency of macro policy orientation, and ensure that they work in the same direction and form joint forces. Promote the growth of residents' income to keep pace with economic growth, and cultivate more new consumption formats and hot spots. We will do a good job in implementing the project of issuing additional treasury bonds and accelerate the construction of affordable housing.

Cultivate new driving forces. Vigorously promote the self-reliance and self-improvement of high-level science and technology, further accelerate the research, development, application and promotion of new energy, artificial intelligence, biological manufacturing and other cutting-edge technologies, and strengthen the national strategic scientific and technological strength.

Stimulate new vitality. We will continue to deepen reform in key areas, deepen and improve the reform of state-owned enterprises, implement the opinions on promoting the development and growth of the private economy, strengthen system building and supervision in the fields of property rights protection, fair competition, social credit, and accelerate the construction of a unified national market. At the same time, we will promote high-level opening up, continue to increase efforts to attract and utilize foreign capital, further promote urban and rural integration and coordinated regional development, constantly improve the coordination and balance of development, give more prominence to the priority orientation of employment, and secure the bottom line of people's livelihood.

Zheng Zhajie said that we should strengthen macro-control and continue to promote the quality and effective improvement of the economy and reasonable growth in quantity. "We should have confidence, ability, conditions and confidence, and continue to improve the economic structure, growth momentum and development momentum.".

　　 Improve the ability of scientific and technological innovation and promote the construction of modern industrial system

Industry is the main body and growth engine of the national economy. To play the role of industrial "ballast" well, we should focus on improving the quality of industrial development and building a modern industrial system with advanced manufacturing as the backbone. Among them, it is very important to improve the ability of scientific and technological innovation.

Jin Zhuanglong, minister of the Ministry of Industry and Information Technology, said that in 2024, while making every effort to promote the steady growth of the industrial economy, we should focus on promoting industrial innovation through scientific and technological innovation. For example, we will comprehensively implement the high-quality development action of the key industrial chain of manufacturing industry, deeply promote the industrial foundation reconstruction project and the key technology and equipment research project, build a new batch of national manufacturing innovation centers in key areas, and launch the creation of a national new industrialization demonstration zone.

The main body of innovation is the enterprise. The Ministry of Industry and Information Technology has made it clear that in 2024, it will support leading enterprises to optimize and integrate the value chain of the industrial chain innovation chain, promote the development of small and medium-sized enterprises to be specialized, specialized and new, and will focus on guiding large enterprises to open various innovative resource elements to small and medium-sized enterprises, and encourage them to try and use innovative products first.

Innovation focuses on industry. For the traditional industries that account for more than 80% of the manufacturing industry, we will strengthen the transformation and upgrading efforts, and make "old trees grow new" by implementing the technological transformation and upgrading project of the manufacturing industry. Focusing on advantageous industries such as new energy vehicles and rail transit equipment, it is necessary to accelerate the chain strengthening, chain extension and chain supplement, and expand the scale advantage. Actively cultivate emerging industries and future industries, take the deep integration of artificial intelligence and manufacturing industry as the main line, vigorously develop intelligent products and equipment, intelligent factories, and intelligent supply chains, and accelerate the empowerment of digital technology.

"Comprehensively improve the level of upgrading the industrial base and modernization of the industrial chain, and constantly promote new breakthroughs in new industrialization," said Jin Zhuanglong.

　　 Strengthen policy support and fund guarantee to promote the smooth circulation of national economy

Fiscal policy is an important means of macro-control. In recent years, the financial sector has continuously implemented positive fiscal policies to help stabilize the macro-economy. The Central Economic Work Conference held in December last year required that the proactive fiscal policy should be moderately strengthened and improved in quality and efficiency.

"This is the general tone set by the Central Committee of the Communist Party of China for the fiscal policy in 2024 with an eye to the overall situation of economic and social development." Lan Fo'an, Minister of Finance, said that in terms of "moderately strengthening", it is mainly to strengthen the overall planning of financial resources, combine the use of special bonds, national debt, tax incentives, financial subsidies, financial interest discounts, financing guarantees and other policy tools, and appropriately expand the scale of fiscal expenditure. In addition to the fiscal revenue itself, a deficit of a certain scale will be arranged in 2024, and some funds will be transferred from the budget stability adjustment fund and other government budgets to ensure that the total fiscal expenditure will increase. 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 efficiency", it is mainly to promote the legalization, scientization, standardization and standardization of financial management, spend the same money more effectively, and strengthen the synergy with other macro policies to improve the effect of supporting high-quality development.

Focusing on promoting high-quality development and Chinese style modernization, the fiscal policy will also be further strengthened. First, support consumption promotion, investment expansion, foreign trade stabilization, and better coordinate domestic and international circulation. The second is to adjust the structure, complement the weak and the strong, and improve the quality of economic development. Third, we will continue to improve people's wellbeing, so that more and more equitable development achievements will benefit all people.

"The financial department will fully, accurately and comprehensively implement the decisions and arrangements of the CPC Central Committee, strengthen policy support and financial security, and promote the smooth circulation of the national economy," said Lan Fo'an.

　　 Consolidate the basic market of foreign trade and foreign investment and accelerate the cultivation of new driving forces

When the recovery of the world economy is sluggish and external demand is sluggish, how can China's foreign trade and foreign capital consolidate the fundamentals and cultivate new momentum?

"We will expand high-level opening up and consolidate the 'three pillars' of goods, services and digital trade," said Wang Wentao, Minister of Commerce.

Upgrade trade in goods. We will implement the policies that have been introduced to stabilize foreign trade and promote the introduction of new policies in due course. Expand the trade of intermediate goods, promote the green development of trade and the digital transformation of the whole chain, promote the healthy, sustainable and innovative development of cross-border e-commerce, improve the level of specialization, scale and intelligence of overseas warehouses, promote the gradient transfer of processing trade in China, actively expand imports, strengthen the linkage between trade and investment, and attract more foreign investment to "Made in China" and "Service in China".

Innovate service trade. Promote the introduction of policies related to the development of service trade, upgrade and build a national service trade innovation and development demonstration zone, and promote the expansion and quality improvement of characteristic service export bases. At the same time, we will deepen the opening up of the service sector, promote the relaxation of market access in the telecommunications, medical and other service industries, and introduce and implement a negative list of cross-border service trade.

Develop digital trade. We will promote the introduction of digital trade reform, innovation and development policies, foster a digital trade cluster with technological and institutional innovations, actively participate in global digital trade governance, connect with international high standard economic and trade rules, and carry out pilot projects.

"The difficulties and challenges facing China's foreign trade development cannot be ignored, but the favorable conditions are stronger than the unfavorable factors. We have the ability, confidence and confidence to take new steps to build a trade power at a higher level." Wang Wentao said.

　　 Securing food security effectively promotes the overall revitalization of rural areas

The basic structure of "agriculture, rural areas and farmers" has been further consolidated, providing strong support for the economic recovery and high-quality development. How to promote the overall revitalization of rural areas in 2024?

"We should implement 'two guarantees, three improvements and two enhancements' item by item," said Tang Renjian, minister of the Ministry of Agriculture and Rural Affairs.

The two guarantees are to ensure national food security and prevent large-scale poverty return. We should not relax in grain production, focus on stabilizing grain rations, maize and soybeans, keep the sown area generally stable, and improve the per unit area yield in a large area to ensure that the annual grain output remains above 1.3 trillion kg. We will promote all kinds of resources to focus on strengthening the endogenous development momentum of poverty alleviation areas and people, and continue to consolidate and expand the achievements of poverty alleviation.

The third promotion is to improve the level of rural industry development, rural construction and rural governance. We should do the key things to promote the construction of rural infrastructure and the improvement of public services.

The two strengthening means to strengthen the dual wheel drive of science and technology and reform, and strengthen the measures to increase farmers' income. We should systematically promote scientific and technological innovation in agriculture and rural areas, steadily promote rural reform, and constantly expand the channels for farmers to increase their income and become rich.

"As China's modernization drive deepens, comprehensively promoting rural revitalization and accelerating the construction of an agricultural power face rare strategic opportunities and better basic conditions." Tang Renjian said that efforts should be made to consolidate the foundation, stabilize production capacity, prevent risks, and increase vitality, so as to promote the sustainable development of agriculture and rural areas to maintain a good momentum, and the comprehensive revitalization of rural areas continues to make substantive progress initial results.

(Source: Xinhua News Agency)