Xinhua Insight on the Two Sessions | What Highlights Should We Look Forward to at the 2024 National Two Sessions?

BEIJING, March 2 (Xinhua) — Headline: What Highlights of the 2024 National Two Sessions Are Worth Anticipating?

  Xinhua News Agency “Xinhua Viewpoint” reporter

  The 2024 National Two Sessions are set to open.

  This year marks the 75th anniversary of the founding of the People’s Republic of China and is a pivotal year for achieving the goals and tasks set out in the 14th Five-Year Plan. The prospects for advancing Chinese-style modernization are both promising and demanding. With an eye on this critical year, we must devise strategies that address its key challenges. What highlights can we look forward to at this spring’s major events? Xinhua Viewpoint reporters take you on a preview.

   [Point One] How were this year’s economic development targets set?

  At present, the fundamental trend of China’s economy—its recovery and long-term improvement—remains unchanged. At the same time, it faces challenges such as insufficient effective demand, overcapacity in certain sectors, and subdued public expectations. This year, how China will prioritize economic development and set its growth targets is drawing close attention.

  The “14th Five-Year Plan” sets the economic growth target as “remaining within a reasonable range, with annual targets to be determined on a case-by-case basis.” Judging from the signals released at recent local Two Sessions meetings, many regions have set their projected economic growth target for this year at no less than 5%.

  “It is essential to take into account the needs of ensuring stable employment, safeguarding people’s livelihoods, and preventing risks, while aligning with the goals and requirements of the 14th Five-Year Plan, to set economic growth targets that are both consistent with potential output and within a reasonable range, with particular attention paid to the quality and sustainability of growth,” said Han Baojiang, a member of the National Committee of the Chinese People’s Political Consultative Conference and a professor at the Central Party School (National Academy of Administration).

  Recently, a series of policy measures aimed at stabilizing economic growth—covering industrial development, foreign trade and investment, and consumption and investment—have been rolled out in quick succession. New forms of consumption and emerging growth drivers continue to emerge, while major projects in advanced manufacturing, artificial intelligence, and other sectors are being accelerated across regions.

  How to support the development of a modern industrial system, advance a new round of large-scale equipment upgrades and consumer‑goods trade‑in programs, expand investment that delivers tangible benefits, foster new drivers of foreign trade, and strengthen safeguards for the real economy—delegates and members attending the Two Sessions will actively offer advice and proposals.

  Zhang Junkuo, a member and former deputy director of the Development Research Center of the State Council, stated that it is essential to continuously consolidate the foundations of stability and build up momentum for progress. We must ensure that the industrial economy continues to serve as a stabilizing anchor, with a strong emphasis on leveraging scientific and technological innovation to drive industrial transformation. This includes supporting leading enterprises in optimizing and integrating their industrial, innovation, and value chains, while guiding small and medium-sized enterprises toward specialized, refined, distinctive, and innovative development. Furthermore, we need to strengthen the coordinated implementation of fiscal, monetary, and employment policies, firmly grasp the strategic pivot of expanding domestic demand, and take more vigorous measures to ensure the smooth circulation of the national economy.

   [Point Two] How will reforms in key areas be advanced?

  Accelerating the development of a unified national market, further optimizing the business environment for private enterprises, deepening and upgrading state‑owned enterprise reform, and implementing financial system reforms—this year’s reform tasks in numerous key areas will be the focal points of attention for deputies and committee members.

  Accelerating the development of a unified national market is a crucial lever for unlocking domestic demand potential and consolidating the foundations of the economy’s recovery and improvement. Recently, the State Council has issued multiple directives on advancing the construction of this unified national market.

  “Eliminating local protectionism and market fragmentation is urgently needed,” said Jin Li, a member of the National Committee of the Chinese People’s Political Consultative Conference and vice president of the Southern University of Science and Technology. He emphasized that efforts should be stepped up to establish a unified set of market‑based rules, starting with areas such as property‑rights protection, market access, fair competition, and social credit. In response to pressing issues—such as restrictive trading practices and discriminatory regulations—enforcement and enforcement actions must be strengthened.

  How can we further bolster the confidence of private enterprises? The public looks to deputies and members of the CPPCC to put forward practical, feasible, and actionable suggestions.

  Gao Zicheng, a deputy to the National People’s Congress and president of the All China Lawyers Association, stated that it is necessary to further optimize the development environment and stimulate the endogenous momentum and innovative vitality of private enterprises. The legislative process for the Law on Promoting the Private Economy should be accelerated. Focusing on core concerns of private enterprises—such as legally safeguarding their property rights and the rights and interests of entrepreneurs, ensuring fair participation in market competition, equal access to production factors, impartial law enforcement and justice, and addressing the issue of overdue payments to small and medium-sized enterprises—relevant systems should be established and improved.

  In 2024, the initiative to deepen and elevate state‑owned enterprise reform enters a pivotal year of full‑scale implementation. “Reforming the three major systems—labor, personnel, and remuneration—is the toughest challenge in SOE reform,” says Zhou Lisha, Director of Research at Tsinghua University’s Institute for Modern State‑Owned Enterprises. She emphasizes the need to accelerate the establishment of flexible, efficient, market‑oriented operating mechanisms and to develop a number of model reforms characterized by innovative systems, robust vitality, and strong momentum. State‑owned assets and central SOEs must strive to increase the share of revenue and value added from strategic emerging industries, continuously strengthening their core functions and enhancing their core competitiveness.

   [Key Point 3] How can new‑type productive forces continue to “innovate and upgrade”?

  From its first introduction by General Secretary Xi Jinping during his local inspection tours in 2023 to this year, when the term “new” has repeatedly appeared in government work reports across many regions, “new‑type productive forces” has become a highly prominent buzzword, and it is expected to continue sparking intense debate during the Two Sessions.

  “Developing new‑type productive forces is about shaping the future, creating the future, and competing in the future,” said Pan Jiaofeng, President of the Institute for Strategic Studies on Science and Technology of the Chinese Academy of Sciences. He noted that new‑type productive forces align with the overarching trend of industrial structural transformation and upgrading, and have already demonstrated, in practice, a powerful driving and supporting force for high‑quality development.

  Zhang Li, President of the China Academy of Information and Communications Technology, believes that the key to developing new‑type productive forces lies in scientific and technological innovation. Efforts should be focused on building an innovative and secure technological ecosystem, refining an open industrial innovation system, and fostering the rapid emergence of original and disruptive breakthroughs.

  Developing new‑type productive forces is geared toward industrial upgrading, with strategic emerging industries and future industries serving as the main battlegrounds. Since the beginning of the year, many regions have set their sights on fostering and expanding emerging and future industries.

  Anhui is accelerating the development of three major science and technology hubs—quantum information, fusion energy, and deep-space exploration; Changsha is making every effort to become a global R&D center city; and Beijing is focusing on building an international center for scientific and technological innovation…

  Zhang Li stated that localities should leverage their own technological capabilities and industrial foundations to develop distinctive productive forces tailored to their specific conditions. At the national level, it is essential to strengthen systematic planning by increasing investment in foundational, public‑interest, and universally applicable areas, while providing policy guidance in market‑oriented, competitive, and customized domains, thereby preventing redundant construction and excessive competition at the local level.

  Han Baojiang suggests that, while developing new‑type productive forces, we should also make full use of traditional productive forces, ensuring that the upgrading of traditional industries and the cultivation of emerging industries proceed in tandem and reinforce one another.

   [Point Four] How can social welfare be made more robust and compassionate?

  Focusing on issues of public concern, how to strengthen and humanize social welfare measures will be a key topic at this year’s Two Sessions.

  Employment is the foundation of people’s well-being. This year, overall employment pressures remain unabated, with college graduates and rural migrant workers among the groups for whom ensuring stable employment is of paramount importance.

  The number of college graduates in the class of 2024 is expected to reach 11.79 million, an increase of 210,000 compared with the previous year. Several deputies and members have proposed further implementing policies such as social security subsidies and employment‑incentive grants to encourage businesses to consolidate existing jobs and expand new employment opportunities. At the same time, they called for strengthening vocational skills training, improving the quality of internship programs, and enhancing graduates’ employability, with a particular focus on providing targeted support to those facing employment difficulties, including graduates from families that have recently been lifted out of poverty and low-income households.

  Ma Yinping, Party Secretary of Xigouquan Village in Linjing Town, Zhenyuan County, Qingyang City, Gansu Province, proposed developing labor markets or gig‑work platforms tailored to local conditions. By closely aligning with labor demand in manufacturing, modern services, and rural revitalization, she suggested implementing order‑based and project‑oriented training programs to effectively support employment among rural migrant workers.

  “Accelerating the improvement of the policy framework supporting childbirth” is a key task outlined at the Central Economic Work Conference for 2024’s efforts to enhance people’s well-being. He Dan, Director of the China Population and Development Research Center and a member of the CPPCC National Committee, recommends adopting a comprehensive set of measures—spanning fiscal and tax policies, healthcare, insurance, and education—to alleviate the financial burdens faced by families in bearing, raising, and educating children.

  China has nearly 300 million residents aged 60 and above, and the degree of population aging continues to deepen. Bai Tao, Chairman of China Life Insurance Group and a member of the CPPCC National Committee, stated that priority should be given to addressing the pressing concerns of older adults—such as home-based care, access to medical services and medications, and health‑and‑wellness support—while advancing the development of a basic elderly‑care service system and vigorously fostering the silver economy.

  In addition, how to deliver higher-quality education and more accessible healthcare will also be hotly debated topics.

   [Key Point Five] How can we advance a higher‑level opening-up?

  Zhang Junkuo stated that, against the backdrop of rising anti-globalization trends and intensifying geopolitical competition, it is particularly important for China to address external uncertainties with the certainty of pursuing a higher‑level opening-up.

  Recently, a series of policies and measures have sent a clear signal that China remains firmly committed to expanding high‑level opening-up. Five measures have been implemented to facilitate the entry of foreign nationals into China, further addressing bottlenecks in business, study, and tourism for overseas visitors; the national negative list for foreign investment access has been revised, completely lifting restrictions on foreign investment in the manufacturing sector; and the “24 Measures for Foreign Investment” are being accelerated to deliver tangible results, continuously fostering a world‑class business environment characterized by market‑orientation, rule of law, and international standards.

  “One of the most defining features of high‑level opening-up is institutional openness,” said Gu Xueming, a member and president of the Institute of International Trade and Economic Cooperation under the Ministry of Commerce. At this year’s Two Sessions, how to steadily advance institutional openness—covering rules, regulations, governance, and standards—will draw close attention from all quarters.

  Promoting high‑level “going global” initiatives and enhancing the capacity to participate in international economic circulation will also be a key focus at this year’s National People’s Congress and Chinese People’s Political Consultative Conference.

  Last October, China unveiled eight initiatives to support high-quality joint Belt and Road cooperation. Gu Xueming stated that the next step is to ensure effective implementation and deepen trade and investment cooperation with partner countries, while coordinating the advancement of major landmark projects and “small but beautiful” livelihood‑oriented initiatives. At the same time as raising its own level of openness, China will create new opportunities for mutually beneficial outcomes, contributing to the global economy and the development of all nations. (Reporters Tan Moxiao, Zhang Xinxin, Pan Jie, Xie Xiyao, Liang Jun, and Wei Hongyi)

[Editor-in-charge: Shi Ge]

Source: Xinhua Net