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Opening of the 2nd Session of China’s National People’s Congress

The 2nd session of the 14th National People’s Congress (NPC), China’s highest legislative body, has commenced at the Great Hall of the People in Beijing. The opening of the session was attended by Xi Jinping and other party and government leaders, with approximately 3 thousand deputies participating in its proceedings.

During the opening of the session, Premier of the State Council of the People’s Republic of China Li Qiang delivered a report on the government’s work. Key highlights from the report presented to the 2nd session of the 14th NPC include:

– Setting a GDP growth target of around 5% for 2024
– Aim to increase the employed population in cities and towns by over 12 million people
– Budget deficit in relation to GDP capped at 3%
– Issuance of targeted bonds of local governments amounting to 3.9 trillion yuan
– Introduction of ultra-long-term special government bonds
– Implementation of the “Artificial Intelligence Plus” action plan
– Focus on the development of revolutionary and advanced technologies
– Activities planned under the “Year of Consumption Stimulation” program
– Investment from the central budget set at 700 billion yuan
– Emphasis on expanding domestic demand
– Introduction of national treatment for enterprises with foreign capital
– Efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
– Heightened openness to the outside world
– Mitigation of real estate risks and risks associated with local government debt obligations with small and medium-sized financial institutions
– Ensuring national security and social stability
– Promotion of the energy revolution
– Opposition to separatist actions supporting “Taiwan independence” and external interference
– Upholding equality and justice in international relations

The session is scheduled to continue until March 10, with a focus on addressing key economic and social issues facing China.

ORIENT news

Photo: russian.china.org.cn

 

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