China poised to record further economic growth

The world’s second-largest economy, China, is poised to register further economic growth leading to high-quality development.

The Chinese economy grew by 5.2 percent last year and is expected to expand by a further 5 percent this year. Industrial production and manufacturing exports are major forces that continue to drive the economy.

To achieve this, the Chinese government has laid out a comprehensive plan that will catapult the Asian giant to further expansion.

Speaking during the opening meeting of the second session of the 14th National People's Congress at the Great Hall of the People in Beijing on Tuesday, Premier Li Qiang said the government deficit forecast is expected to rise by 180 billion yuan from the 2023 budget figure.

The country created 12.44 million urban jobs in 2023 and is now expected to create another 12 million more jobs in 2024, particularly in urban areas.

In the Chinese premier’s report, he also disclosed that close to 3.9 trillion yuan of special-purpose bonds for local governments will be issued in 2024. This is 100 billion yuan more than last year.

China will also issue ultra-long special treasury bonds over each of the next several years. This is geared towards building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year.

Expand opening-up

Additionally, China has pledged to continue to expand high-standard openings by increasing opportunities for foreign companies.

As such, the report said that all restrictions on foreign investment in China's manufacturing will be abolished and market access restrictions in services sectors, such as telecommunications and healthcare, will be reduced.

Measures will also be implemented to ensure national treatment for foreign-funded enterprises and promote alignment with high-standard international economic and trade rules.

China will also continue to pursue high-quality Belt and Road cooperation, deepen multilateral, bilateral, and regional economic cooperation, and work towards joining the Digital Economy Partnership Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Productive forces

China said it will also strive to modernise the industrial system and develop new productive forces at a faster pace. It will work to improve and upgrade emerging industries such as hydrogen power, new materials, biomanufacturing, commercial spaceflight, quantum technology, and life sciences.

The country also vowed to digitalize the manufacturing sector and fast-track the large-scale application of the industrial internet while consolidating and enhancing its leading position in industries such as intelligently connected new-energy vehicles.

Greater efforts will be made to ensure stable production and supply of grain and other major agricultural products and promote green and low-carbon development.