What China's Premier say in 2024 Gov't Work Report

sxcoal.com General,  Policy 2024-03-05 14:11:21

Chinese Premier Li Qiang delivered the annual government work report to the National People's Congress on March 5, highlighting key achievements of 2023 and outlining major goals and focuses for the year ahead.

 

2023 Review

– China's Gross Domestic Product (GDP) saw a growth of 5.2%;

 

– Grain production achieved a record 695 million tonnes;

 

– Urban employment added 12.44 million people;

 

– Newly-added tax and fee exemption exceeded 2.2 trillion yuan (about $305.6 billion);

 

– New energy vehicles accounted for over 60% of global production and sales;

 

– Exports of electric vehicles, lithium batteries, and photovoltaic products – collectively termed as the "new three items " – surged nearly 30%.

 

2024 Main Targets

– GDP growth targeted at around 5%;

 

– Over 12 million new urban jobs to be created;

 

– Consumer price index expected to rise by around 3%;

 

– Grain production set to surpass 690 million tonnes;

 

– A reduction of about 2.5% in energy consumption per unit of GDP.

 

2024 Key Focuses

Finance

– Proposed fiscal deficit at 3% with a 1.1 trillion yuan increase in general public budget expenditure;

 

– Local government special bonds to be allocated at 3.9 trillion yuan, and investment within the central government budget to be allocated at 700 billion yuan;

 

– Issuance of long-term special bonds, starting with 1 trillion yuan this year, dedicated to major national strategies and security capacity construction.

 

– Future Industries: Exploration of new frontiers like quantum technology and life sciences;

 

– Digital Economy: Launching the "AI+" initiative to integrate artificial intelligence into various sectors;

 

– Consumption: Encouraging the exchange of old items for new ones to boost consumption, especially in intelligent connected vehicles, electronic products, and other major consumer goods;

 

– Housing: Increasing efforts in the construction and supply of affordable housing, alongside refining relevant foundational systems for commercial properties;

 

– Employment: Strengthening policies to promote youth employment and improving measures and services for flexible employment;

 

– Rural Revitalization: Nationwide implementation of insurance policies for the production costs and income of major grain producers. Enhancing the construction of charging stations, cold chain logistics, and delivery facilities;

 

– Urbanization: Steadily advancing urban renewal initiatives, and addressing challenges like retrofitting elevators in old residential areas and parking facilities;

 

– Education: Initiating actions to expand and improve basic education, with a focus on promoting inclusive development of preschool education.

 

– Healthcare: Increasing the per capita financial subsidy for resident medical insurance by 30 yuan.

 

– Social Security: Raising the minimum monthly standard for basic old-age pensions for urban and rural residents by 20 yuan, continuing to increase basic pensions for retirees, nationwide implementation of the individual pension system, and diversifying the supply of childcare services.

 

– Openness: Comprehensive removal of foreign investment access restrictions in the manufacturing sector, relaxation of market access in sectors such as telecommunications and healthcare services, and enhancing the convenience for foreign nationals in terms of work, study, and tourism in China.

 

– Environmental Protection: Improving fiscal, tax, financial, investment, and pricing policies supporting green development and related market mechanisms.

 

(Writing by Alex Guo  Editing by Harry Huo)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

Share this article
Connect with us

Editor's Pick

1 China's thermal coal prices rise further on demand 2024-04-16

China's domestic thermal coal prices continued a slight increase for the second trading day, reversing a previous decline since late February, driven by higher demand from traders to fulfill deliverie

2 China to see 1st coke price hike on rising cost support and end-user demand 2024-04-16

Market participants expected the first round of 100-110 yuan/t price increase by China's metallurgical coke producers to materialize, citing the rise of feed coal prices and recovering molten iron out

3 Weekly: China's PCI coal prices level off backed by curbed supply 2024-04-16

China's PCI coal prices stabilized last week, backed by regional shipment constraints, contracted supply and a rise in buying interest from some steel mills.On April 12, the Fenwei CCI index for Chang

4 China Q1 coal output drops, supporting cautious growth forecast 2024-04-16

China's coal production reached 1.11 billion tonnes in the first quarter of 2024, falling 4.1% compared with the same period last year, the latest data from the National Bureau of Statistics showed.In

5 China Coal Daily Track (Apr 16) 2024-04-16

Thermal coalProduction area Mine-mouth thermal coal prices ticked up in major producing regions, as stable portside market boosted trading activity. Coal shipments improved with more coal trucks arriv

6 China futures market updates at close (Apr 16) 2024-04-16

Check out latest updates on the Chinese futures market for coking coal, coke, iron ore and others at close.

7 China Q2 coal prices may remain subdued on potential supply recovery 2024-04-16

China's coal prices are expected to remain subdued in the second quarter this year, despite potential tightening of supply anticipated by some industry insiders.Conversely, the country's coal producti

8 Infographic | China's Mar production of coal and other main industrial products 2024-04-16

China's production of coal, coke, crude steel and other main industrial products in Mar 2024.

9 Weekly: China's anthracite prices remain stable amid improved trading activity 2024-04-16

China's domestic anthracite market held steady in the week ending April 12, except for minor rebounds observed in some grades as trading activity recovered.Mine-mouth anthracite supply ticked up compa

10 China Shenhua Mar commercial coal output hit 2-yr high, sales up 2% 2024-04-16

China Shenhua Energy Company Limited, a flagship subsidiary of China Energy Investment Corporation, produced 28.20 million tonnes of commercial coal in March, rising 3.3% from the year-ago level, whic

Most Read Articles

1 China's top coal province to cut output this yr, shifting priority to safety 2024-04-10

China's top coal-producing province Shanxi is set to cap production of the fossil fuel at around 1.3 billion tonnes this year, marking the first time to reduce output voluntarily in seven years, accor

2 South Africa's coal industry faces regulatory scrutiny amid calls for sustainability 2024-04-10

South Africa's coal industry is facing increasing regulatory scrutiny as concerns mount over environmental sustainability and compliance with air-quality standards.The industry, long regarded as a cor

3 China Taiwan Mar coal imports up to 7-mth high 2024-04-11

Coal imports of China's Taiwan in March nearly doubled that a month earlier, rising to the highest since August 2023, preliminary customs data showed.The March volume was up 23.07% from 4.39 million t

4 Chinese coke producers resist further drops after 8th price cut 2024-04-10

China's coke makers showed resistance to further price declines after? accepting the eighth round of coke price reduction of 100-110 yuan/t on April 9, partly due to improved supply-demand fundamental

5 Australia's Gladstone Mar coal exports up 11.1% on mth 2024-04-12

Coal shipments from Australia's Gladstone port rose 14.7% from a year earlier to 5.60 million tonnes in March 2024, showed data from the Gladstone Ports Corporation.The volume was also 11.1% higher th

6 Vietnam Mar coal imports hit 8-mth high 2024-04-10

Vietnam's coal imports (including those from foreign-invested enterprises) in March surged to an eight-month high, preliminary customs data showed.The country imported 5.43 million tonnes of coal in M

7 Yankuang Energy: Chinese, int'l coal prices to see narrow fluctuations 2024-04-12

Yankuang Energy Group Co., Ltd., a major listed coal miner in China, expected domestic and international coal prices to experience narrow fluctuations for 2024, yet remaining at elevated levels within

8 China thermal coal market in figures (Apr 12) 2024-04-12

China thermal coal market key figures in focus. The latest data for thermal coal prices, stocks, shipments in major production areas, transfer ports and most followed downstream sector data.

9 India doubles new coal-fired power capacity in 2023 2024-04-12

India added 5.5 GW of new coal-fired power capacity in 2023, doubling the capacity added in 2022, according to the Global Energy Monitor's annual survey,.Last year also marked the lowest rate of coal

10 China's portside thermal coal prices stabilize, yet downside pressure persists 2024-04-10

China's portside thermal coal prices paused after a two-week decline, buoyed by robust solid transactions from buyers with urgent demand. However, the prospect of a significant rally remains low as ma