National Development and Reform Commission: Strive to promote the effective improvement of the quality of the economy and the reasonable growth of the quantity

In the report of the 20th National Congress of the Communist Party of China, General Secretary Xi Jinping emphasized that the great rejuvenation of the Chinese nation should be comprehensively promoted with Chinese-style modernization; High-quality development is the primary task of building a modern socialist country in an all-round way. The Central Economic Work Conference held in December 2022 stressed the need to "solidly promote Chinese-style modernization" and "promote the overall improvement of economic operation, achieve effective qualitative improvement and reasonable quantitative growth, and make a good start for building a modern socialist country in an all-round way". To thoroughly study and implement the spirit of the 20th National Congress of the Communist Party of China and the Central Economic Work Conference, we must earnestly unify our thoughts and actions with the Party Central Committee's judgment and decision-making and deployment of the situation, accurately grasp the main tasks and objectives of economic work, take responsibility, seek truth and be pragmatic, and promote the implementation of the decisions and arrangements of the Party Central Committee in the spirit of nailing.

1. Strengthen confidence in development and fully understand the new achievements made in economic and social development

2022 is an extremely important year in the history of the Party and the country. In the face of the turbulent international environment and the arduous and arduous tasks of domestic reform, development and stability, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, the whole country has risen to the challenge and forged ahead, promoted the overall economic and social situation to maintain harmony and stability, and made new major achievements in development.

The total economic output has reached a new level. In response to the impact of unexpected factors such as the repeated delay of the epidemic and the outbreak of the Ukraine crisis, we have resolutely stepped up the implementation of macro policies, focused on coordinating epidemic prevention and control and economic and social development, and stabilized the macroeconomic market, China's economy has withstood the pressure and continued to develop, and the GDP has reached a new level of 120 trillion yuan, reaching 121 trillion yuan, a year-on-year increase of 3.0%. The employment situation remained basically stable, with 12.06 million new jobs created in urban areas, exceeding the annual target of 11 million people. The overall price level continued to run steadily, and the consumer price index (CPI) rose by 2.0%, which was significantly lower than the price increase level of major economies. The balance of payments is in good shape, and foreign exchange reserves are stable at more than $3 trillion.

The quality of development has been steadily improved. The role of innovation-led development has continued to increase, the national strategic scientific and technological strength has accelerated its growth, a number of major scientific and technological achievements have continued to emerge, the investment in research and experimental development (R&D) of the whole society has exceeded 3 trillion yuan for the first time, and the ratio to GDP has reached 2.55%, and the ranking of the national global innovation index has risen to 11th. The pace of structural adjustment in the fields of industry, investment, consumption, and trade has accelerated, and the performance of high-tech manufacturing, equipment manufacturing, and modern service industries has been eye-catching, and investment in high-tech industries has increased by 18.9 percent, 13.8 percentage points higher than the growth rate of all investment. Household consumption gradually recovered, and online retail sales of physical goods increased by 6.2 percent, further smoothing the economic cycle. The rural revitalization strategy has been fully implemented, the construction of new urbanization has been actively promoted, the regional economic layout has been further optimized, and the coordination of urban and rural regional development has been continuously enhanced.

Reform and opening up continued to deepen. The construction of the market system has been further improved, and the "Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Construction of a National Unified Market" have been promulgated and implemented, and the business environment has been continuously optimized and improved. Reforms in key areas have been carried out in depth, and the layout and structure of the state-owned economy have been continuously optimized, so as to continue to create a good environment for the reform and development of private enterprises. Prices for electricity, coal, and water resources continued to deepen. Remarkable results have been achieved in stabilizing foreign trade and foreign investment, the development of new forms and models of foreign trade has been accelerated, and the degree of trade and investment liberalization and facilitation has continued to improve. New progress has been made in high-quality Belt and Road cooperation, and international cooperation in production capacity and third-party markets has continued to deepen. By the end of 2022, China had signed more than 200 cooperation documents with 150 countries and 32 international organizations.

Remarkable results have been achieved in the construction of ecological civilization. We will fight the battle to defend the blue sky, clear water and pure land, and the quality of the ecological environment will continue to improve. The construction of the "1+N" policy system for carbon peak and carbon neutrality has been completed, and the "Ten Actions for Carbon Peaking" have been steadily promoted. The total installed capacity of renewable energy has exceeded 1.2 billion kilowatts, and the installed capacity of hydropower, wind power, solar power generation and biomass power generation ranks first in the world, and the capacity for sustainable development has been continuously enhanced.

The people's living standards are constantly improving. Solid results have been achieved in stabilizing employment and promoting income growth, promoting the employment and entrepreneurship of key groups such as college graduates, retired soldiers, and migrant workers, and the reform of the income distribution system has continued to deepen, and the income of urban and rural residents has grown steadily, with the per capita disposable income of residents nationwide increasing by 2.9% in real terms. We have carried out the project of strengthening the country through education, promoted the construction of a healthy China, steadily improved the level of public services, and continued to expand the coverage of social insurance. By the end of 2022, the number of people insured by basic old-age, unemployment, and work-related injury insurance nationwide reached 1.053 billion, 238 million, and 291 million, respectively.

The ability to resist risks has been further enhanced. The overall financial and financial operations were stable, and the ability to ensure food security, energy security, and the security of important industrial and supply chains continued to improve. Grain production has achieved "19 consecutive bumpers", and the total output has been stable at more than 1.3 trillion catties for eight consecutive years. The construction of the energy production, supply, storage and marketing system has been accelerated, the ability to guarantee coal has been continuously improved, and the energy supply has been generally stable during key periods such as peak summer and peak winter. Establish and improve risk identification, early warning, and disposal mechanisms for important industrial and supply chains, and effectively ensure the security of important industrial and supply chains.

In the past five years, we have withstood multiple tests such as the accelerated evolution of world changes, the impact of the new crown epidemic, and the downturn of the domestic economy, effectively protecting people's lives and health, and our country's economic ship has braved the wind and waves. In the past five years, China's economy has grown at an average annual rate of more than 5%, which is significantly higher than the global average growth rate of about 2.3% in the same period, and its position as the world's second largest economy, the second largest consumer market, the largest manufacturing country, the first country in trade in goods, the second largest country in trade in services, and the largest country in foreign exchange reserves has been further consolidated. Under the scientific guidance of Xi Jinping's economic thought, China's economic strength has achieved a historic leap, and its economic strength, scientific and technological strength, comprehensive national strength, and international influence have continued to increase, especially we have historically solved the problem of absolute poverty, built a moderately prosperous society in an all-round way as scheduled, achieved the first centenary goal, and embarked on a new journey of building a modern socialist country in an all-round way. China's development stands at a new and higher historical starting point.

These achievements have not come easily, and they should be cherished. The brilliant achievements are fundamentally due to the fact that General Secretary Xi Jinping is at the helm as the core of the CPC Central Committee and the core of the whole party, and that there is the scientific guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, which fully proves the decisive significance of the "two establishments", fully demonstrates the significant advantages of the socialist system with Chinese characteristics, fully demonstrates the creative power of the broad masses of the people to unite and forge ahead, and fully demonstrates the broad space and huge potential of China's economic development. We are fully confident, qualified and capable of withstanding all kinds of risks and challenges, striding forward in the new era and new journey, and advancing the steady and far-reaching development of Chinese-style modernization.

2. Accurately grasp the situation and firmly promote the strategic self-confidence of high-quality development

In the report of the 20th National Congress of the Communist Party of China, General Secretary Xi Jinping pointed out that China's development has entered a period of coexistence of strategic opportunities, risks and challenges, and an increase in uncertain and unpredictable factors. This provides scientific guidance for accurately grasping the environment facing China's development at present and in the future. The Central Economic Work Conference profoundly analyzed the internal and external environment of China's economic development this year, and stressed that we must have a deep understanding and scientific grasp of the confidence in doing a good job in economic work.

At present, China's economic operation is still facing many risks and challenges. The changes in the world, the times, and history are unfolding in an unprecedented way, and China will seek and promote its own development in a more complex and severe strategic environment. From an international perspective, the world has entered a new period of turbulence and change, with the acceleration of changes in a century, the frequent occurrence of local conflicts and turmoil, and the intensification of global problems. The disruption of the new crown epidemic to the global industrial and supply chain still exists, the spillover effect of aggressive interest rate hikes in advanced economies continues to appear, the risks in the global financial market have increased, and the momentum of world economic growth has weakened and the recovery is weak. Great power games and geopolitical conflicts have exacerbated global political and economic risks, the Ukraine crisis has dragged on and fermented, and global energy and food security issues have become prominent. The profound adjustment of the international balance of power, the rise of anti-globalization ideology, the marked rise of unilateralism and protectionism, and the turbulent and uncertain external environment may have a negative impact on China's economy. Domestically, the foundation for economic recovery is not yet solid, the problem of unbalanced and insufficient development is still prominent, aggregate, structural and cyclical contradictions still exist, and the triple pressure of demand contraction, supply shock, and weakening expectations is still relatively large. The pressure on residents to increase income is greater, it is difficult for consumer spending to expand in the short term, the production and operation difficulties of enterprises, especially small, medium and micro enterprises, are not small, the willingness and ability to invest are weak, and the world economic downturn is superimposed on the impact of protectionism, and it is difficult to maintain stable export growth. The ability of scientific and technological innovation is not strong, and there are still many stuck points and blockages in the operation of the industrial chain and supply chain, and there is still great pressure to ensure the reliable security of food, energy, industrial chain and supply chain and prevent financial risks. There are still many hard bones to gnaw on in the reform of key areas, and the construction of a new system of open economy is facing bottlenecks and constraints. There are many shortcomings in the field of people's livelihood, and there are still many problems in employment, education, medical care, childcare, elderly care, housing, ecological and environmental protection.

While facing difficulties and challenges, we should all the more realize that peace and development are still the common aspirations of the people of all countries, and that a new round of scientific and technological revolution and industrial transformation is accelerating, bringing new strategic opportunities to China's development. China's economy is resilient, has great potential and is full of vitality, the fundamentals of long-term improvement have not changed, and there are still good supporting foundations and many favorable conditions for development.

First, political guarantees have become more powerful. The 20th National Congress of the Communist Party of China (CPC) has pointed out the direction for the development of the cause of the Party and the country, and has gathered the strength to forge ahead. On the way forward, adhering to the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core and adhering to the scientific guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will be able to gather the majestic strength of all people to overcome difficulties together, and the historical process of the great rejuvenation of the Chinese nation will be unstoppable.

Second, the advantages of the system have become more prominent. Under the background of a complex and severe external environment and unexpected shocks on domestic development, China's socialist market economy system has shown a strong tension in resisting risks and coping with tests, and the institutional advantages of socialism in concentrating on major affairs and the policy effect of innovating and improving macroeconomic governance continue to appear. This year, with the continuous emergence of the effect of the stock policy and the continuous development of the incremental policy, a strong synergy will be formed to jointly promote high-quality development, and the giant ship of China's economy will be able to break the waves and move forward steadily.

Third, the foundation for development is more solid. China's total economic output has steadily increased, accounting for about 18% of the world economy in 2022, and its per capita GDP will reach US$12,741, close to the threshold of high-income countries. China has the most complete industrial system and an increasingly complete infrastructure network, the industrial structure continues to be optimized and upgraded, the cultivation and growth of new drivers are accelerated, the security of food and energy resources is continuously improved, the resilience of industrial and supply chains continues to be enhanced, and the material foundation for maintaining stable, healthy and sustainable economic development is more solid.

Fourth, the market potential has been released at an accelerated pace. With a population of more than 1.4 billion and a middle-income group of more than 400 million, China is the world's largest market with the most growth potential. The transformation and upgrading of traditional industries, the development and growth of strategic emerging industries, and the increase in investment to make up for shortcomings will promote the sustained and rapid growth of effective investment. Make full use of the advantages of the super-large-scale market and promote the formation of a virtuous interactive cycle of demand and supply, and the potential of China's economic growth will continue to be released.

Fifth, the impetus for development has been continuously strengthened. The gradual emergence of reform effects in key areas and key links, the continuous deepening of institutional opening-up, and the in-depth promotion of regional coordinated development will all contribute to the continuous optimization of China's business environment, the gradual improvement of social expectations, and the steady increase of development confidence. In January this year, the manufacturing purchasing managers' index (PMI) and the non-manufacturing business activity index were 50.1% and 54.4% respectively, returning to above the boom and bust line, and the economic recovery momentum is strong. As long as the potential and vitality of all sectors are truly brought into play, China's economic development will certainly have broad prospects and a bright future.

On the whole, the trend and mainstream of China's development are significantly better than those of other major economies in the world. General Secretary Xi Jinping has repeatedly emphasized that there is an opportunity in a crisis and a turnaround. In the face of a complex and severe external environment, we must strengthen our strategic self-confidence, implement precise policies, be good at discovering and seizing opportunities, effectively and effectively respond to difficulties and challenges, dare to struggle, be good at struggle, open up new horizons for career development through tenacious struggle, and promote the sustained economic recovery and overall improvement to achieve better development.

Third, vigorously grasp the implementation and do a good job in the economic work throughout the year in the spirit of nailing

This year is the first year of implementing the spirit of the 20th National Congress of the Communist Party of China, and to promote Chinese-style modernization, we must do a good job in the economic work of the first year. We must unite more closely around the CPC Central Committee with Comrade Xi Jinping at the core, adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China, deeply understand the decisive significance of the "two establishments", enhance the "four consciousnesses", strengthen the "four self-confidences", and achieve the "two safeguards", adhere to the principle of stability and seek progress while maintaining stability, completely, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, and strive to promote high-quality development. We will continue to implement a proactive fiscal policy and a prudent monetary policy, grasp the direction and focus of industrial policy, science and technology policy, and social policy, adhere to the system concept, uphold integrity and innovation, and grasp the requirements of the "six overall plans", so as to promote the overall improvement of the economy, the effective control of risks, and the stability of the overall social situation, so as to make a good start for building a modern socialist country in an all-round way.

Focus on expanding domestic demand. Domestic demand is the basic driving force of China's economic development, and expanding domestic demand is the most important task in stabilizing growth, so we must vigorously implement the strategy of expanding domestic demand and adopt more effective measures to bring about a virtuous circle of social reproduction. It is necessary to focus on the main contradictions and major key links, improve the macroeconomic governance system, and accelerate the implementation of the various policies that have been deployed to stabilize growth. Fully implement the outline of the strategic plan for expanding domestic demand and the implementation plan for the strategy of expanding domestic demand during the 14th Five-Year Plan. Comprehensive measures will be implemented to unleash the potential of consumption, give priority to the recovery and expansion of consumption, increase the income of urban and rural residents through multiple channels, especially improve the consumption capacity of low- and middle-income residents, improve the consumption environment and conditions, comprehensively promote the upgrading of consumption quality, support consumption such as housing improvement, new energy vehicles, elderly care services, education, medical care, culture and sports services, and cultivate new consumption such as online and offline integration. Actively expand effective investment, vigorously and orderly promote the implementation of 102 major projects in the "14th Five-Year Plan", strengthen the construction of major projects in key areas of economic and social development, promote the construction of new infrastructure, make good use of the coordination mechanism for promoting effective investment in important projects, make overall use of all kinds of funds, strengthen the guarantee of land, energy use, environmental impact assessment and other factors, and encourage and attract more private capital to participate in the construction of major national projects and projects to make up for shortcomings.

Accelerate the construction of a modern industrial system. The new development pattern is based on the modern industrial system, and the smooth economic cycle requires the orderly and efficient linkage of various industries. It is necessary to give full play to the advantages of China having the world's most complete industrial system and the domestic demand market with the greatest potential, and focus on promoting the supply chain of short board industries, the extension of the chain of advantageous industries, the upgrading of traditional industries, and the construction of emerging industries, so as to enhance the continuity and competitiveness of industrial development and comprehensively improve the modernization level of the industrial system. We will further implement the innovation-driven development strategy, improve the new national system, strengthen the national strategic scientific and technological forces, optimize the allocation of innovation resources, strengthen the basic capacity building of science and technology, accelerate the formation of a national laboratory system, and accelerate the research of key core technologies. We will further implement the industrial base reengineering project, support the development of specialized, special and new enterprises, and promote the high-end, intelligent and green development of the manufacturing industry. Consolidate the leading position of advantageous industries such as new energy vehicles, and expand strategic emerging industries such as artificial intelligence, biomanufacturing, and green and low-carbon. Promote the deep integration of modern service industry with advanced manufacturing industry and modern agriculture. Accelerate the development of the digital economy, accelerate the implementation of major projects such as "Eastern Data and Western Computing", and promote the deep integration and development of the digital economy and the real economy.

Earnestly implement the "two unswerving". The 20th National Congress of the Communist Party of China (CPC) and the Central Economic Work Conference once again emphasized the firm position of "two unwavering", which provided important guidelines for upholding and improving the basic socialist economic system and promoting high-quality economic development in the new era. It is necessary to speed up the construction of a high-level socialist market economic system, deepen the market-oriented reform of factors, build a high-standard market system, accelerate the construction of a unified national market, improve the basic systems of the market economy such as property rights protection, market access, fair competition, and social credit, regulate and guide the healthy development of capital in accordance with the law, and create a market-oriented, law-based, international, first-class business environment. Deepen the reform of state-owned assets and state-owned enterprises, accelerate the optimization of the layout and structural adjustment of the state-owned economy, improve the core competitiveness of enterprises, and accelerate the construction of world-class enterprises. Optimize the environment for the development of private enterprises, promote the entrepreneurial spirit, support the development of small, medium and micro enterprises and individual industrial and commercial households, protect the property rights of private enterprises and the interests of entrepreneurs in accordance with the law, and promote the development and growth of the private economy.

Solidly promote the implementation of major strategic deployments in urban and rural areas. Promoting the coordinated development of urban and rural areas is a key way to solve the problem of unbalanced and insufficient development in China, and an important measure to release the potential of domestic demand and promote industrial upgrading. It is necessary to comprehensively promote rural revitalization, adhere to the priority development of agriculture and rural areas, consolidate and expand the achievements of poverty alleviation, and promote the construction of livable, workable and beautiful villages. Steadily promote a new type of urbanization with people at the core, and promote the urbanization of the rural migrant population. We will fully implement major regional strategies, solidly promote the coordinated development of Beijing-Tianjin-Hebei, further promote the ecological environmental protection and restoration and green and high-quality development of the Yangtze River Economic Belt, promote the construction of major cooperation platforms in the Guangdong-Hong Kong-Macao Greater Bay Area, promote the integrated development of the Yangtze River Delta, and increase the ecological protection of the Yellow River Basin. Solidly promote the strategy of coordinated regional development, strengthen inter-regional infrastructure connectivity, and promote the complementary and integrated development of regional advantages.

Promote high-level opening-up. Opening up to the outside world is China's basic national policy and a clear symbol, and China's door to opening up will only open wider and wider. It is necessary to make greater efforts to attract and utilize foreign investment, do a good job in the implementation of the new version of the "Catalogue of Encouraged Industries for Foreign Investment", guide foreign investment to invest more in advanced manufacturing, modern service industries, high and new technology, energy conservation and environmental protection, and other fields, and to the central and western regions and northeast regions, improve foreign investment promotion services, and protect the rights and interests of foreign investment in accordance with the law. We will promote the high-quality development of the Belt and Road Initiative, expand new spaces for cooperation in health, green, digital and innovation, accelerate the construction of a new land-sea corridor in the western region, and ensure the safe and smooth operation of the China-Europe Railway Express. Promote the stable scale and optimal structure of foreign trade, promote the optimization and upgrading of trade in goods, innovate the development mechanism of trade in services, support the construction of overseas warehouses more vigorously, and accelerate the construction of Hainan Free Trade Port.

Promote the green transformation of economic and social development. Ecological environmental protection and economic development are dialectically unified and complement each other, and protecting the ecological environment is to protect the potential and stamina of economic and social development. It is necessary to continue to fight the battle of blue sky, clear water and pure land, and strengthen the control of plastic pollution and rural non-point source pollution. Actively and steadily promote carbon peak and carbon neutrality, improve the regulation and control of total energy consumption and intensity, focus on controlling fossil energy consumption, gradually shift to the "dual control" system of total carbon emission and intensity, promote the clean, low-carbon and efficient use of energy, accelerate the planning and construction of a new energy system, and actively promote the construction of large-scale wind power and photovoltaic bases, hydropower and nuclear power. Vigorously develop green and low-carbon industries, and implement national actions for green and low-carbon life. Implement a comprehensive conservation strategy and promote the conservation and intensive utilization of various resources.

Earnestly do a good job in ensuring people's livelihood. Protecting and improving people's livelihood is the starting point and end point of our work. It is necessary to adhere to the people-centered development philosophy, take more measures to benefit the people's livelihood and warm the hearts of the people, solve the problems of the people's urgency, hardship and longing, and firmly adhere to the bottom line of people's livelihood. Solidly promote the top-level design of common prosperity, expand the size of the middle-income group, and strengthen the overall coordination of policies in the field of income distribution. Implement the policy of prioritizing detailed employment, improve the employment support system for key groups, and strengthen entrepreneurship to drive employment. Develop a multi-level and multi-pillar pension insurance system. Support the demand for rigid and improved housing, and consolidate the responsibilities of all parties to ensure the delivery of buildings and stabilize people's livelihood. Actively respond to the aging of the population, improve the old-age care service system, and implement active childbirth policies and measures. Deepen the reform of the medical and health system, and promote the expansion of high-quality medical resources and the balanced distribution of regions.

Effectively prevent and resolve major risks. Security is the premise of development, development is the guarantee of security, we must adhere to the equal emphasis on development and security, and achieve high-quality development and high-level security and benign interaction. It is necessary to enhance the sense of worry, strengthen the bottom-line thinking, coordinate development and security, and properly respond to the major risks that may arise. It is necessary to prudently handle and resolve risks in the fields of real estate, finance, and local government debt. Strengthen the construction of the security system, especially the security of food, energy resources, and important industrial and supply chains. Consolidate the foundation of food security in an all-round way, promote the storage of grain on the ground and the storage of grain in technology, and improve the system of grain production, purchase, storage and marketing. Strengthen the construction of energy supply guarantee capacity, release advanced and high-quality coal production capacity in an orderly manner, and ensure the stable supply of electricity and natural gas. Strengthen high-level scientific and technological self-reliance and self-reliance, and continuously improve the resilience and safety of industrial and supply chains.