China will work steadfastly in the second half of this year to achieve its annual economic and social development goals, according to a State Council report submitted to the country’s top legislature on Tuesday.
The State Council entrusted Xiangli Bin, deputy head of the National Development and Reform Commission, with the delivery of the report on the implementation of the national economic and social development plan this year to a legislative session.
The plan’s overall implementation has been going well, with indicators of economic growth, employment and the international balance of payments all meeting expectations, Xiangli Bin told the ongoing session of the Standing Committee of the 14th National People’s Congress.
The report also warned of uncertainties, such as the growing adverse impacts of the changing external environment, insufficient effective domestic demand, and risks in key sectors.
It said that for the rest of the year, efforts will be made to accelerate the implementation of major reforms, such as the construction of a unified national market, the refinement of systems underpinning the market economy and deepening reforms in the fiscal, taxation and financial sectors.
Xiangli Bin told lawmakers that macro policies will be strengthened appropriately and made more targeted, with an emphasis on enhancing counter-cyclical adjustments. He also stressed the need to coordinate efforts to stabilize growth and mitigate risks.
In the second half of 2024, work will be done to expand domestic demand by stimulating consumption, stabilize foreign trade and investment, push forward comprehensive rural revitalization and new urbanization, boost green and low-carbon development, and ensure and improve people’s livelihoods, according to the report.
