中國總理《政府工作報告》將今年國內生產總值（GDP）增長的預期目標設定為5%左右，同時將財政赤字率設定為3%，這是有其合理性的。

首先，體現了政策的連續性和相對穩定性。去年預期GDP增長目標為5%左右，但實際增長了5.2%。今年各地政府上報的預期經濟增速平均為5.4%，顯然，中央設立5%左右預期增長目標仍是留有餘地的。更重要的是，未來不僅要完成“十四五”發展目標，且要為實現2035年中期發展目標做鋪墊，如果近期經濟增速太低，可能會影響這些目標的實現。在各項政策加持下，加之去年以來中國經濟整體呈現平穩恢復，設定5%左右的預期經濟增長目標是必要的，也是可行的。

其次，守住了3%財政赤字率這一國際慣例。去年實際財政赤字率3.8%是有特殊原因的，即最近兩年房地產劇烈調整，政府土地收入下降不少。今年的財政赤字水平，仍然體現出積極財政政策在適度加力。今年預算內赤字4.06萬億元，與去年相比增加1000多億元，發行長期特別國債1萬億元，還有地方政府專項債3.9萬億元，加上去年財政結餘5000億元，加在一起超過了9萬億元，這在全年28萬多億元財政支出中所佔比例是不小的。總之，今年以財政政策支持經濟增長的力度穩中有升。發行1萬億元特種國債對市場衝擊較小，因為債券期限長，短期內不用還本。過去發行很多短期、中期國債，現在發行長期國債，使得期限結構更加合理。

從《政府工作報告》看，今年的政策目標和重點工作已經確定，未來中國經濟社會高質量發展值得期待。

提出激發有潛能的消費。針對居民消費意願不足、消費能力不強的現狀，《政府工作報告》提出從增加收入、優化供給和減少限制性措施來綜合施策。多年來，城鄉居民收入和經濟增長基本保持同步，但存在的兩極分化限制了低收入人群的消費。要增加農民收入水平，提高社會保障水平，這是跨越中等收入陷阱的關鍵。要增加就業、鼓勵中小微企業和民營企業發展，還要深化相關改革。現在消費呈現多元化、多層次的特點，溫飽型消費基本得到滿足，但改善型、升級型消費供給不足。隨着老齡化社會加快來臨，養老健康需求上升，大量失能老人需要長期照護，這些領域的供給嚴重不足。健康消費無止境，是剛性需求。文化、旅遊、教育、娛樂和體育等領域也是短板，要引導資本有序流入。

鼓勵擴大有效益的投資。要聚焦有潛能的消費領域，培育新的產業和經濟增長點。過去一年，關於投資與消費誰更關鍵的話題討論熱度很高，從今年政府工作報告看，無論是消費還是投資，都被放在了重要位置。擴大內需，投資與消費不可偏頗，要讓投資和消費“兩個輪子”都轉動起來。去年全國固定資產投資增長3%，拖累了中國經濟增長，今年應該將投資增速提升到4%以上。投資要有效率、有回報、增加就業，要拉動民間投資和外商投資，讓投資“乘數效應”更加彰顯，同時引導更多社會資金投入。要讓投資和消費形成良性互動，在更高層次上實現新的平衡。

加快建設現代化產業體系和發展新質生產力。在新舊動能轉換過程中，傳統生產要素——土地、勞動、資本投入是有限的，中國經濟實現高質量發展必須在效率上做文章，挖掘發展潛力，走內涵發展和創新發展的道路。在經濟學上有一個對應的概念，即全要素生產率，它是指通過技術變革推動效率提升和能源資源消耗減少，進而推動經濟增長質量的不斷提升。今年的《政府工作報告》依然提出單位GDP能源消耗和碳排放減少的目標。近年來，中國相繼出台了一系列促進科技創新的政策舉措，國家創新能力穩步提升，但與發達經濟體還有差距。要進一步加大研發投入，加快人才培養，改革創新機制，釋放經濟發展潛力，同時對標國際高標準，堅持不懈，砥礪前行。

推進高水平對外開放。近期中國商務部明確表態，要對標CPTPP（全面與進步跨太平洋夥伴關係協定），加快向國際高標準經貿規則看齊。20多年來，WTO合作擱淺，多哈回合停滯不前。然而，新的經濟合作機制層出不窮，一些新的課題，例如數字經濟、服務貿易、應對氣候變化等，在多邊層面上難以得到妥善解決。近年來，中國積極申請加入CPTPP，並推出了一系列實際擴大開放的舉措，例如製造業完全對外開放市場准入。在服務業方面，近期放開了銀行、證券、保險等金融機構的市場准入，外資可以100%持股，另外還單方面擴大了一些國家人員來往免簽。同時，負面清單一減再減，營商環境持續改善，自由貿易試驗區和海南自由貿易港建設加快推進。相信未來中國將會越來越開放，對國際社會貢獻也會越來越大。

The Government Work Report delivered by Chinese Premier Li Qiang set the country's 2024 GDP growth target at about 5 percent and the deficit ratio at 3 percent. These are reasonable goals.

First, they reflect the continuity and relative stability of policy. Last year, the GDP growth target was about 5 percent, while the actual rate surpassed it, at 5.2 percent. This year, local governments have set an average growth rate target of 5.4 percent, indicating that the central government's target of “around 5 percent” is deliberately conservative.More important, China needs not only to achieve the development goals outlined in the 14th Five-Year Plan (2021-25) but also pave the way for the medium-term development goals of its 2035 Vision.A relatively low growth rate could disrupt the realization of these goals, but given the support of appropriate policies and the overall steady economic recovery from 2023, setting a growth rate of around 5 percent for 2024 is both necessary and feasible.

Second, China maintains a deficit ratio of 3 percent, in line with international practices. Last year's deficit-to-GDP ratio of 3.8 percent was attributed to many special factors, such as dramatic adjustments in the real estate sector over the past two years and a significant decline in government land sales. This year's deficit target reflects a moderate intensification of China's proactive fiscal policies.The budget deficit stands at 4.06 trillion yuan, an increase of more than 100 billion yuan over 2023, and 1 trillion yuan in ultra long-term special government bonds have been issued by the central government, along with 3.9 trillion yuan of special bonds issued by local governments. Combined with last year's fiscal balance of 500 billion yuan, the total sum exceeds 9 trillion yuan, accounting for a large proportion of the annual fiscal expenditure of more than 28 trillion yuan.In short, fiscal policies designed to support economic growth are particularly prominent this year. Moreover, the issuance of 1 trillion yuan in ultra long-term special government bonds is not expected to leave a big impact on the market because of their extended duration, which eliminates the need to repay the principal in the short term. While the issuance of short-term and medium-term government bonds has been prevalent in the past, long-term bonds have now entered the scene, optimizing the structure of the bond market.

The Government Work Report has defined China's policy goals and priorities for 2024, and high-quality economic and social development beckons.

Stimulate consumption

Considering residents' insufficient willingness or ability to spend more money, the Government Work Report proposes comprehensive solutions to increase income, optimize supplies and reduce restrictive measures. The incomes of urban and rural residents have generally kept pace with economic growth over the years, but the existing wealth gap has restricted consumption by low-income groups. Raising incomes for rural residents and bolstering social security are the keys to overcoming the middle-income trap. Therefore, it is important to increase employment, encourage the development of micro, small and medium-sized enterprises, as well as private enterprises, and scale up reform programs. China today is marked by diverse consumption patterns and demands. Needs for basic necessities have been met, but there is a shortage of goods and services that cater to aspirations for a higher quality of life. As the aging population expands, demand for healthcare — particularly care of the elderly — is expected to rise, alongside a surging need for long-term care for disabled elderly people. However, supply in these fields is seriously deficient. After all, spending on healthcare knows no end. There is also a shortage of supply in such fields as culture, tourism, education, entertainment and sports, and investment needs to be channeled into these sectors to address the gap between demand and supply.

Expand profitable investment

It is crucial to focus on potentially strong areas of consumption and to cultivate new industries and economic drivers. In 2023, the debate over the significance of investment versus consumption garnered widespread attention. In this year's report, they are placed in an equally important position. To expand domestic demand, investment and consumption must progress hand in hand.Last year, investment in fixed assets grew by just 3 percent, dragging down the country's economic growth. This year, the growth rate should surpass 4 percent. More important, investment needs to be efficient, profitable, and conducive to job creation. It must incentivize private and foreign investment to enlarge the multiplier effect. In essence, investment and consumption must complement each other and achieve a balance at a higher level.

Accelerate productive forces

During the transition to new growth drivers, the contribution of traditional production factors — land, labor and capital — is limited. This means that China should increase productive efficiency, identify potential drivers and leverage the power of innovation to achieve high-quality economic development. According to the concept of total factor productivity in economics, there is a need to promote efficiency while reducing energy and resource consumption through technological advancements, thereby ensuring a continuous increase in the quality of economic growth.As a standard practice, the Government Work Report proposes targets aimed at reducing energy consumption and carbon emissions per unit of GDP. Thanks to the rollout of a series of policies and measures to promote scientific and technological innovations, China has witnessed steady progress in its innovation capacity in recent years. However, to narrow the gap with developed economies, it needs to boost investment in R&D, accelerate the development of human resources, modernize mechanisms and unlock the potential for economic development. Simultaneously, it needs to align with prevailing international standards.

Promote high-level opening up

China's Ministry of Commerce made it clear recently that the country will accelerate its alignment with high-standard international economic and trade rules, specifically using the Comprehensive and Progressive Agreement for Trans-Pacific Partnership as a bench mark. For more than 20 years, cooperation under the WTO framework has stagnated. So has the Doha Round. However, new mechanisms of economic cooperation have emerged one after another, and new issues in the digital economy, service trade and climate response are difficult to resolve at the multilateral level.China has applied to join the CPTPP and launched a series of measures to expand opening-up. Notably, all restrictions on foreign investment access in the manufacturing sector have been removed. Market access for foreign financial institutions in areas such as banking, securities and insurance have been widened, allowing 100 percent foreign ownership. In addition, China has unilaterally offered visa-free travel to nationals from some countries and has steadily reduced its negative list to enhance the business environment and has accelerated the development of free trade pilot zones and the Hainan Free Trade Port. These efforts signify China's commitment to opening its door wider and making a greater contribution to the international community.