China to expand domestic demand in 2023 扩大内需！增强回稳向上动能

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CHINA will expand domestic demand this year, according to a government work report delivered by Premier Li Keqiang to the National People’s Congress, China’s top legislature, which began its annual session at the Great Hall of the People in Beijing yesterday.

Priority will be given to the recovery and expansion of consumption, and incomes of urban and rural residents will be boosted through multiple channels, said the report.

The opening meeting of the first session of the 14th National People’s Congress is held at the Great Hall of the People in Beijing yesterday. Xinhua

Government investment and policy incentives should effectively drive investment, it said, adding that more private capital should be encouraged and attracted into major State projects and projects aimed at addressing areas of weakness.

It is proposed that 3.8 trillion yuan (US$550 billion) be allocated for special-purpose bonds for local governments this year, the report said.

China will intensify efforts to attract and utilize foreign investment, expand market access, continue to open up the modern services sector, ensure national treatment for foreign-funded companies, improve services for foreign-funded companies, and facilitate the launch of landmark foreign-funded projects.

Deputies attend the opening meeting of the first session of the 14th National People’s Congress (NPC), China’s top legislature, at the Great Hall of the People in Beijing yesterday. Xinhua

The country will take active steps to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and other high-standard economic and trade agreements, and steadily expand institutional opening up by proactively adopting relevant rules, regulations, management and standards, according to the report.

“We will remain firm in pursuing a strategy of opening up for mutual benefit,” it said.

China aims to achieve a faster economic growth of around 5% with better quality of development in 2023, as the world’s second-largest economy gathers pace to build up recovery momentum and push ahead with its modernization drive.

Deputies take notes while attending the opening meeting of the first session of the 14th National People's Congress in Beijing yesterday. Xinhua

The projected target, higher than the 3% growth recorded in the country’s GDP last year, is one of the key objectives for development laid out in the report.

China’s economy is staging a steady recovery, with marked improvement in consumer demand, market distribution, industrial production and business expectations, the premier said, noting that the economy is demonstrating vast potential and momentum for further growth.

The recovery can be seen and felt in the scenes of busy roads, crowded cinemas and restaurants, and shopping sprees both online and in stores, he said.

This year, China aims to create 12 million new urban jobs, with a surveyed urban unemployment rate of around 5.5%, according to the report.

A total of 2,977 NPC deputies from across the country are attending the session, which will conclude March 13.

The deputies will deliberate on a draft amendment to the Legislation Law and a plan on the reform of the State Council institutions.

Meanwhile, China’s top political advisory body kicked off its annual session at the Great Hall of the People in Beijing on Saturday. The session will end March 11. 

Financial risks

China should effectively prevent and defuse major economic and financial risks in 2023, according to the government work report.

The country needs to deepen reform of the financial system and improve financial regulation, said the report.

“We should ensure effective risk prevention and mitigation in high-quality, leading real estate enterprises, help them improve debt-to-asset ratios, and prevent unregulated expansion in the real estate market to promote stable development of the real estate sector,” it said.

The country should also make efforts to prevent and defuse local government debt risks, according to the report.

Industrial system

China will accelerate the modernization of the industrial system.

“We should, with a focus on key industrial chains in the manufacturing sector, pool quality resources and make concerted efforts to achieve breakthroughs in core technologies in key fields,” said the government work report.

China should redouble efforts to explore and develop important energy and mineral resources, discover more reserves, and boost production, the report said.

The country should speed up the digitalization of traditional industries and small and medium-sized enterprises to make them higher-end, smarter, and more eco-friendly, it added.

Research and development and the application of cutting-edge technologies should be accelerated, it said, adding that China should improve the modern logistics system.

China should strive to develop the digital economy, step up regular oversight, and support the development of the platform economy, the report said.

Private sector

China will unswervingly consolidate and develop the public sector and unswervingly encourage, support and guide the development of the nonpublic sector, according to the work report.

China will deepen reform of State-owned capital and State-owned enterprises (SOEs), and enhance the core competitiveness of the SOEs, said the report.

China will also encourage and support the private sector and private businesses in growing and expanding and support micro, small, and medium-sized enterprises and self-employed individuals in business development, the report said.

China will create an environment in which enterprises under all forms of ownership can compete and grow on a level playing field, it added.

Grain output

China aims to stabilize grain output and advance rural revitalization this year.

The country plans to keep total grain acreage at a stable level and launch a new drive to increase grain production capacity by 50 million metric tons, the report said.

China will also invigorate the seed industry and support the development of agricultural science, technology and equipment, it said.

The report also called for fostering rural industries with local features to create more channels for increasing rural incomes.

Living quality

China will make continuous improvements in sectors from housing to medical care this year.

The country will improve the housing support system, support people in buying their first homes or improving their housing situation, and help resolve the housing problems of new urban residents and young people, the report said.

More quality medical resources will be channeled toward the community level and more evenly distributed among regions, it said.

China also vows to improve elderly care services and refine supporting policies on childbirth, while protecting the legitimate rights and interests of women, children, the elderly, and people with disabilities, according to the report.

Green development

China should continue the transition to green development.

China should intensify pollution prevention and control, and move faster to develop a new energy system, said the report.

China should also improve policies for green development, advance energy conservation and carbon reduction in key areas, and continue working to keep its skies blue, waters clear and lands clean, it said.

HK, Macao, Taiwan

The Chinese Central Government will support Hong Kong and Macao in growing their economies and improving people’s lives, and maintain long-term prosperity and stability in the two regions.

The report pledged efforts to fully, faithfully and resolutely implement the policy of “one country, two systems,” under which the people of Hong Kong administer Hong Kong and the people of Macao administer Macao, both with a high degree of autonomy.

It said the Central Government will remain committed to law-based governance in Hong Kong and Macao, and ensure that constitutional order in the two regions is upheld as stipulated in China’s Constitution and the basic laws of the two regions, and that Hong Kong and Macao are administered by patriots.

China will take resolute steps to oppose “Taiwan independence” and advance the process of the country’s peaceful reunification, according to the report.

Diplomacy in 2023

China stands ready to work with the international community to put into action the Global Development Initiative and the Global Security Initiative, and promote the shared values of humanity, said the government work report.

“We will stay committed to an independent foreign policy of peace and to peaceful development, and pursue friendship and cooperation with other countries on the basis of the Five Principles of Peaceful Coexistence,” according to the report.

“We will remain firm in pursuing a strategy of opening up for mutual benefit. We will continue working to safeguard world peace, contribute to global development, and uphold the international order,” it said.

Military capabilities

China’s armed forces, with a focus on the goals for the centenary of the People’s Liberation Army in 2027, should work to carry out military operations, boost combat preparedness and enhance military capabilities so as to accomplish the tasks entrusted to them by the Party and the people, said the work report.

The armed forces should intensify military training and preparedness across the board, develop new military strategic guidance, devote greater energy to training under combat conditions, and make well-coordinated efforts to strengthen military work in all directions and domains, said the report. 

Editors/Li Jing, Kang Wei

WeChat Editor/Claudia

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