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Around 5%: Key • Current tax and fee incentives will
Highlights from be continued or optimized.
the Two Sessions • The deficit-to-GDP ratio is to be
kept at 3 percent; deficit of RMB
By Qian Zhou and Arendse Huld, China Briefing 4.06 trillion (US$563.94 billion).
• Ultra-long-term special
China’s Premier Li Qiang has delivered the highly- government bonds to be issued
anticipated 2024 Government Work Report. This report over several years; RMB 1 trillion
is the most important annual policy document, setting the (US$138.9 billion) allocated for 2024.
key economic and social development tasks for the coming • Local government special purpose
year. In addition to setting the closely watched annual GDP bonds quota set at RMB 3.9 trillion
growth target, the 2024 Government Work Report announced (US$541.72 billion).
the launch of various fiscal policies, such as the issuance of • Non-economic policies are to be
new ultra-long-term special treasury bonds, and proposed considered when assessing the
measures to attract foreign investment, expand consumption, consistency of macro-policy orientation.
and improve green development. • All restrictions on foreign
investment access in the
On Tuesday, March 5, 2024, the including the 5 percent GDP growth manufacturing sector are to be lifted.
National People’s Congress target, preferential tax policies,
(NPC), China’s legislature, convened and industry priorities, as well as 2024 GDP target set at
for its opening meeting of the measures to boost consumption, “around 5 percent”
annual Two Sessions. In the meeting, attract foreign investment,
Premier Li Qiang delivered the 2024 maneuver China’s green transition, In the readout of the 2024 GWR,
Government Work Report (2024 and mitigate financial risks. the government announced a GDP
GWR) on behalf of the State Council, growth target of “around 5 percent”
which sets a vast range of economic Highlights from the 2024 for 2024, consistent with the target
and development tasks for the Government Work Report set in 2023.
country to pursue over the coming
year. It includes the 2024 GDP growth • GDP growth rate set at around This target exceeds the expectations
target and outlines how China plans 5 percent. of some international institutions.
to achieve its economic goals. • Urban unemployment rate to be The IMF predicts China’s GDP to
kept around 5.5 percent. grow at 4.6 percent year-on-year in
In this article, we look at the key • Consumer prices increase to be 2024, while JPMorgan predicts a 4.9
points from China’s 2024 GWR, kept at around 3 percent. percent increase. This demonstrates
that the country’s policymakers
remain confident in the country’s
economic prospects.
Nevertheless, this growth target
may be harder to reach in 2024
than in 2023. The relatively strong
performance of the Chinese
economy in 2023 will create a high
3 AMCHAM SOUTH CHINA
Around 5%: Key • Current tax and fee incentives will
Highlights from be continued or optimized.
the Two Sessions • The deficit-to-GDP ratio is to be
kept at 3 percent; deficit of RMB
By Qian Zhou and Arendse Huld, China Briefing 4.06 trillion (US$563.94 billion).
• Ultra-long-term special
China’s Premier Li Qiang has delivered the highly- government bonds to be issued
anticipated 2024 Government Work Report. This report over several years; RMB 1 trillion
is the most important annual policy document, setting the (US$138.9 billion) allocated for 2024.
key economic and social development tasks for the coming • Local government special purpose
year. In addition to setting the closely watched annual GDP bonds quota set at RMB 3.9 trillion
growth target, the 2024 Government Work Report announced (US$541.72 billion).
the launch of various fiscal policies, such as the issuance of • Non-economic policies are to be
new ultra-long-term special treasury bonds, and proposed considered when assessing the
measures to attract foreign investment, expand consumption, consistency of macro-policy orientation.
and improve green development. • All restrictions on foreign
investment access in the
On Tuesday, March 5, 2024, the including the 5 percent GDP growth manufacturing sector are to be lifted.
National People’s Congress target, preferential tax policies,
(NPC), China’s legislature, convened and industry priorities, as well as 2024 GDP target set at
for its opening meeting of the measures to boost consumption, “around 5 percent”
annual Two Sessions. In the meeting, attract foreign investment,
Premier Li Qiang delivered the 2024 maneuver China’s green transition, In the readout of the 2024 GWR,
Government Work Report (2024 and mitigate financial risks. the government announced a GDP
GWR) on behalf of the State Council, growth target of “around 5 percent”
which sets a vast range of economic Highlights from the 2024 for 2024, consistent with the target
and development tasks for the Government Work Report set in 2023.
country to pursue over the coming
year. It includes the 2024 GDP growth • GDP growth rate set at around This target exceeds the expectations
target and outlines how China plans 5 percent. of some international institutions.
to achieve its economic goals. • Urban unemployment rate to be The IMF predicts China’s GDP to
kept around 5.5 percent. grow at 4.6 percent year-on-year in
In this article, we look at the key • Consumer prices increase to be 2024, while JPMorgan predicts a 4.9
points from China’s 2024 GWR, kept at around 3 percent. percent increase. This demonstrates
that the country’s policymakers
remain confident in the country’s
economic prospects.
Nevertheless, this growth target
may be harder to reach in 2024
than in 2023. The relatively strong
performance of the Chinese
economy in 2023 will create a high
3 AMCHAM SOUTH CHINA
