Cabinet vows to deliver on policy pledges

Release time：2024-05-21 13:38:33 Source：Stellar Storyline news portal

China will flesh out each and every measure laid out in the Government Work Report, and enhance coordination among related departments to maximize collective efforts toward meeting the same goal, the State Council, the country's Cabinet, said on Tuesday.

The Government Work Report, adopted at the recently concluded annual session of the nation's top legislature, set out the main economic and social development goals for the year, which must all be delivered on the ground, according to the State Council Executive Meeting chaired by Premier Li Qiang.

China has set a GDP growth target of around 5 percent for 2024, unchanged from the previous year, with its projected deficit-to-GDP ratio at 3 percent, according to the report.

Meanwhile, the country, as stated in the report, has targeted a whole-year inflation rate of around 3 percent, and has aimed to create more than 12 million urban jobs this year with the surveyed urban unemployment rate at around 5.5 percent.

To achieve these goals, the meeting called for efforts to motivate stakeholders across all sectors and to promote the spirit of innovation and entrepreneurship.

By specifying the steps required, key goals can be effectively translated into tangible actions. Moreover, active coordination and cooperation from departments concerned are equally important, in order to ensure that all departments are aligned in their efforts and work toward a common goal, the meeting said.

It is crucial to prioritize effective monitoring and inspection to ensure sound policy implementation. By strengthening daily oversight, improving inspection methods and enhancing efficiency, a culture of accountability can be fostered, ensuring that policies are effectively implemented at all levels, according to the meeting.

China's economy has the potential to sustain a growth rate within a range of 5 to 6 percent in the near future. This growth potential is aligned with the goal of doubling the country's total economic volume or per capita income by 2035, said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.

Moreover, sustaining a growth rate of around 5 percent provides a solid foundation for various critical aspects. It ensures people's livelihoods, job creation, financial stability, and the mitigation of local government debt risks, Wang said, adding that it also creates a favorable environment for accelerating the development of a modern industrial system and advancing high-quality growth.

Tuesday's meeting also decided on policy steps aimed at narrowing the gaps in education among regions, urban and rural areas, schools, and different groups to ensure a fair and high-quality compulsory education system.

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