Solidly promote high-quality development

Solidly promote high-quality development

This year marks the 75th anniversary of the founding of the People's Republic of China and is a crucial year for achieving the goals and tasks of the 14th Five Year Plan.

General Secretary Xi Jinping profoundly pointed out: "We must strengthen our confidence in development, maintain strategic determination, actively respond to problems and challenges, and sing the voice of China's economic prosperity with concrete and high-quality development achievements

A critical period, a crucial year. The Party Central Committee, with Comrade Xi Jinping at its core, has united and led the people of all ethnic groups in the country to overcome difficulties and respond calmly, increased macroeconomic regulation and control efforts, focused on deepening reform and opening up, expanding domestic demand, and optimizing economic structure. The overall economic operation is stable and steady with progress, and high-quality development is solidly promoted.

In the first three quarters, China's gross domestic product grew by 4.8% year-on-year, laying a solid foundation for achieving the annual target.

China has sufficient confidence to achieve this year's economic growth target and continue to play the role of the world's largest engine of economic growth

Overcoming difficulties and stabilizing the overall market

Looking back at the operation of the Chinese economy this year, "seeking progress while maintaining stability" is the overall tone, and "overcoming difficulties" is the key word.

The foundation of 'stability' has been further consolidated.

Looking at growth, the GDP growth rate in the first quarter was 5.3%, the second quarter was 4.7%, and the third quarter was 4.6%. Although the growth rate fluctuated, it remained near the expected target, and the economic increment created each quarter gradually expanded.

Looking at employment, in the first three quarters, 10.49 million new urban jobs were created nationwide, and the overall employment situation remained stable.

Continuous economic growth, stable employment situation, moderate price increases, basic balance of international payments, and stable operation of major indicators.

The 'good' factors are accumulating.

Expected indicators continue to rebound. In October, the Purchasing Managers' Index of China's manufacturing industry was 50.1%, marking the first time since May this year that it has rebounded to the expansion range; The consumer confidence index has rebounded by 1.2 percentage points compared to last month, marking the first rebound after six consecutive months of decline.

The market performance is becoming increasingly active. The annual express delivery volume has exceeded 150 billion pieces, and the annual railway passenger volume has exceeded 4 billion people. The railway freight volume continues to rise, and the container throughput is at a historical high. The flow of China is full of vitality.

Looking back on the past, China's economic performance this year was hard won. A series of stock policies and incremental policies are working together and showing sustained effectiveness, helping the economy to bottom out, stabilize, and continue to improve.

Macro policies are powerful and effective, promoting economic recovery and improvement——

Financial support to stimulate business vitality. Lei Caihong, the person in charge of Heju Polymer Materials Technology (Guangdong) Co., Ltd., said, "With 8.1 million yuan in technology innovation refinancing support, the cost is low and the use is great. We can work hard on research and development.

Policy leverage to promote project implementation. On June 1st, the Pearl River Delta Water Resources Allocation Project officially began water supply operation. The total investment of the project exceeds 35 billion yuan, which effectively leverages social investment and ensures the smooth completion of the project, "said Zhang Wanling, Deputy General Manager of Guangdong Yuehai Pearl River Delta Water Supply Co., Ltd.

The issuance of new special bonds reached 3.9 trillion yuan; Increase local debt resources by 10 trillion yuan, forming a "combination fist" of debt; Starting from September 27th, the reserve requirement ratio will be lowered by 0.5 percentage points, releasing about 1 trillion yuan of long-term liquidity... Implementing a proactive fiscal policy and a prudent monetary policy, positive factors continue to increase.

Focus on expanding domestic demand and unleashing huge market potential——

Better efficiency. In Zhangzhou City, Fujian Province, Sanbao Group Co., Ltd. has introduced a cold-rolled silicon steel deep processing project with the help of equipment renewal policies to achieve green transformation, which is expected to reduce carbon dioxide emissions by 560000 tons per year.

Sales have surged. The original price of the washing machine is 999 yuan, and you can enjoy a 15% trade in subsidy. It's really cost-effective, "said Xiong Min, a resident of Yingtan, Jiangxi. According to data from JD.com, the transaction volume of 519 home appliance categories increased by 200% year-on-year during this year's "Double 11" shopping festival.

Benefiting both the present and the long term, under the promotion of the "dual" and "two new" policies, the consumption potential continues to be released, and the key role of investment is effectively played. In October, the total retail sales of consumer goods increased by 4.8% year on year, and fixed assets investment in the first October increased by 3.4% year on year.

Strike a policy "combination punch" to effectively prevent and resolve risks——

Adjusting the housing purchase restriction policy, reducing the down payment ratio of housing loans, and increasing the preferential treatment of deed tax in the housing transaction process... The real estate market regulation policies have continued to be implemented, and the total transaction volume of newly built commercial housing and second-hand housing in October increased for the first time after consecutive months of decline, indicating a positive change in the real estate market.

Innovation driven resilience

General Secretary Xi Jinping pointed out that "developing new quality productive forces is an inherent requirement and important focus for promoting high-quality development" and "we should lead industrial innovation with scientific and technological innovation, actively cultivate and develop new quality productive forces".

From a 'pond depression' to a 'city of innovation'. After 30 years of establishment, Suzhou Industrial Park has seen the rise of five billion yuan industrial clusters, including the new generation of information technology, biomedicine, and big health. On less than 300 square kilometers of land, there are over 2000 biopharmaceutical companies, over 1300 nanotechnology companies, and approximately 1800 artificial intelligence companies gathered. In the first three quarters, the total industrial output value of the park increased by 4.1% year-on-year, with high-tech industries accounting for over 70% of the total output value.

A butterfly transformation in one domain, a global microcosm. Since the beginning of this year, new quality productivity has flourished on the land of China, constantly shaping new advantages for development. In the first ten months, investment in high-tech industries increased by 9.3% year-on-year, with 889000 invention patents authorized; The added value of high-tech manufacturing industry increased by 9.4% year-on-year in October.

Ascend higher, overcome technological bottlenecks, and build a solid foundation for development.

Ignite! On November 25th, China's independently developed F-class 15 MW heavy-duty gas turbine was successfully ignited in Deyang City, Sichuan Province, marking a new breakthrough in the miniaturization of heavy-duty gas turbines in China.

The first set of 25 megawatt wind power main bearings has been taken offline, the C919 large passenger aircraft has achieved simultaneous operation by three major airlines, and the third-generation autonomous superconducting quantum computer "Benyuan Wukong" has been put into operation... In depth implementation of the innovation driven development strategy, major countries have frequently launched new heavy equipment.

In the first three quarters, the R&D investment of listed companies reached 110 trillion yuan, a year-on-year increase of 3.9%; As of the end of October, the number of valid invention patents in China has reached 4.66 million... With increased research and development investment, innovative achievements have emerged, and solid steps have been taken in industrial upgrading. In 2024, China's innovation ranking in the world has risen to 11th place, making it the country with the most top 100 technology innovation clusters.

Moving towards innovation, cultivating emerging industries, and exploring development opportunities.

Integrating multiple industries, connecting all things online. In Jiaxing, Zhejiang, many hospitals have welcomed robot "doctors" who rely on massive medical record data and artificial intelligence models to form personalized health assessment results for patients.

A total of 4.141 million 5G base stations have been built, more than 15000 "5G+Industrial Internet" projects have been completed, and more than 4500 enterprises in the core industry of artificial intelligence have been established... We will accelerate the layout of new industries and new tracks such as low altitude economy, commercial aerospace, and biological manufacturing, and accelerate the development of emerging industries, with new drivers of energy gathering.

Transitioning towards green, energy conservation, carbon reduction, and emission reduction, polishing the foundation of development.

Xiamen, Fujian, with a loud whistle, marks the maiden voyage of the world's largest liquefied natural gas dual fuel new car ship operated by COSCO Shipping. Since the beginning of this year, orders for ships such as liquefied natural gas and methanol power have grown rapidly, and China has undertaken over 70% of global green ship orders.

The production and consumption of wind power, nuclear power, photovoltaic power generation, and other industries have maintained a rapid growth rate, while green industries such as new energy vehicles, lithium batteries, and photovoltaics have maintained double-digit high growth... We are firmly committed to the path of ecological priority and green development, and are solidly promoting green and low-carbon transformation.

Technology is constantly advancing, industries are rejuvenated, new quality productivity is emerging, and the driving force for high-quality development is strong.

Reform and opening up add vitality

General Secretary Xi Jinping emphasized that "the deeper the reform, the higher the level of openness required; the higher the level of openness, the greater the promoting effect on reform.

On November 1st, the new negative list for foreign investment access was officially implemented, and the manufacturing sector was cleared to zero; On November 14th, China officially achieved an annual production of 10 million new energy vehicles; On November 27th, Volkswagen Group announced that it will extend the joint venture period of SAIC Volkswagen to 55 years (until 2040)... Today, in China, the production and sales of new energy vehicles have ranked first in the world for nine consecutive years, becoming the most active industry center for global new energy vehicle technology innovation.

The automobile industry has become an important window for observing China's reform and opening up in the new era, using reform to promote opening up and opening up to promote reform.

In July of this year, the Third Plenum of the 20th Central Committee of the Communist Party of China was successfully held, outlining a grand blueprint for further deepening reform and promoting Chinese style modernization, and making arrangements for key areas and key links of economic system reform.

All regions and departments must resolutely implement the deployment requirements of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, and successively introduce a series of policy measures to better stimulate the internal driving force and innovation vitality of the whole society.

Reform in key areas is progressing rapidly and steadily——

From project initiation to operation, it only took less than half a year. Currently, Xingjian Special Glass Co., Ltd. in Qinhuangdao, Hebei is making final preparations for the new factory building, and the company's general manager, Lu Yilin, is very pleased. Qinhuangdao Economic Development Zone has innovatively launched the "system integration approval" model, which involves multiple departments working together for approval and multiple matters being handled in parallel, making business operations more efficient.

From deepening the implementation of state-owned enterprise reform and upgrading actions, promoting the development and growth of the private economy, to implementing the "Regulations on Fair Competition Review" and issuing the "Opinions on Improving the Market Access System"... the construction of a high-level socialist market economy system is accelerating, the national economic cycle is becoming more smooth, and endogenous and innovative vitality continue to be stimulated.

High level opening-up continues to expand——

On December 2nd, Takeda Pharmaceuticals issued its first prescription for the innovative drug used to treat short bowel syndrome, Telaglutide, in Shanghai.

From the exhibits at the China International Import Expo to the landing in the Boao Lecheng International Medical Tourism Pilot Zone in Hainan, and then to the official approval for national listing and the journey of innovative drugs in China, we witness the firm and confident footsteps of opening up.

We will carry out pilot projects to expand the opening up of value-added telecommunications services to the outside world in four places including Beijing, actively connect with international high standard economic and trade rules, and steadily expand institutional opening up; The cumulative number of China EU trains has exceeded 100000, signed the cooperation plan of jointly building the "the Belt and Road" with many countries, and the high-quality joint construction of the "the Belt and Road" has gone deep and solid; In the first ten months of the year, China's total import and export value of goods trade increased by 5.2% year-on-year, with 46893 newly established foreign-invested enterprises, a year-on-year increase of 11.8%, and an open economy reaching a new level. The China International Import and Export Fair, Chain Expo, and Data Expo were successively held, and the 2024 "Invest in China" series of activities were carried out. International cooperation continued to deepen.

With the implementation and effectiveness of various policies, especially the package of incremental policies, the overall economic operation has maintained a positive trend since October. Overall, the basic trend of China's economic recovery and long-term improvement has not changed, and we are full of confidence in this, "said Li Chao, spokesperson for the National Development and Reform Commission.

Let us unite more closely around the Party Central Committee with Comrade Xi Jinping at its core, take action as the leader, unite as one, and solidly promote economic stability, continuous structural optimization, and sustained improvement in development trend.