Read in Chinese

Speakers:

Mr. Zhao Chenxin, vice chairman of the National Development and Reform Commission (NDRC)

Mr. Zhang Shixin, deputy secretary general of the NDRC

Mr. Yuan Da, deputy secretary general of the NDRC

Mr. Xiao Weiming, deputy secretary general of the NDRC

Chairperson:

Ms. Shou Xiaoli, director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

Aug. 1, 2024

Shou Xiaoli:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO), as part of the series "Promoting High-Quality Development." Today, we have invited Mr. Zhao Chenxin, vice chairman of the National Development and Reform Commission (NDRC), to brief you on relevant developments and answer your questions. Also present today are deputy secretaries general of the NDRC, Mr. Zhang Shixin, Mr. Yuan Da and Mr. Xiao Weiming.

Now, I'll give the floor to Mr. Zhao for his introduction.

Zhao Chenxin:

Thank you. Good morning. I am delighted to be here today alongside my three colleagues for this press conference.

Pursuing high-quality development is our top priority in the new era. Since the 18th National Congress of the Communist Party of China (CPC), the Party Central Committee with Comrade Xi Jinping at its core has pursued a strategy of national rejuvenation amid global changes of a magnitude not seen in a century, with a strategic vision, broad perspectives and deep commitment. High-quality development has been prioritized as the primary task in building China into a modern socialist country in all respects. By effectively leveraging reform and opening up as a crucial means, we have injected strong momentum into promoting high-quality development. The NDRC has diligently implemented the decisions and arrangements of the Party Central Committee and the State Council, faithfully fulfilling its duties of macro-management and comprehensive economic coordination. We have comprehensively deepened economic structural reforms, striving to pursue higher-quality economic growth and appropriately increase economic output. I would like to summarise our achievements in six aspects.

First, the macroeconomic governance system has continuously improved, significantly enhancing our economic strength. We have fully utilized the strategic guiding role of national development planning, and strengthened the coordination of fiscal, monetary, employment, industrial, investment, consumption, environmental protection and regional policies. Rigorous assessments of policy alignment with broader macroeconomic objectives have resulted in more forward-looking, targeted and effective macroeconomic regulation. Consequently, China's economic strength has reached new heights. In 2023, our GDP surpassed 126 trillion yuan (about $17.71 trillion); and for years, China has been the world's largest engine of economic growth, contributing over 30% to global growth.

Second, the science and technology innovation system has continuously improved, and the modern industrial system has grown robustly. We have continued to focus on developing the real economy. We have established a technology innovation system that enables enterprises to play a major role in innovation, guided by market demands and supported by universities, research institutes and end-users. We have actively advanced supply-side structural reforms, accelerated the transformation of traditional industries, fostered the growth of emerging sectors, continually optimized our industrial structure and accelerated the transformation of growth drivers. From 2013 to 2023, the value-added of high-tech manufacturing above designated size grew by an average of 10.3% annually, with China becoming the first country to have more than 4 million valid invention patents.

Third, the construction of our market system has achieved positive results, continuously energizing various business entities. Over the past decade, the building of a high-standard market system has steadily advanced, the market-based allocation of production factors has been deepened, a unified national market has been rapidly established, and the layout and structural adjustment of the state-owned sector have been improved. The system and mechanism for promoting the high-quality development of private businesses have been continuously improved. As a result, an institutional environment characterized by effective market mechanisms, vibrant microeconomic entities, and appropriate macroeconomic regulation has been gradually perfected.

Fourth, the establishment of a new system for an open economy has accelerated, and high-quality cooperation under the Belt and Road Initiative (BRI) has been solidly promoted. Over the past decade, a broader agenda of opening up across more areas and in greater depth has been advanced, continuously promoting institutional openness in rules, regulations, management and standards. The system of pre-establishment national treatment plus negative list for foreign investment has been fully implemented, accelerating the fostering of a world-class business environment that is market-oriented, law-based and internationalized. China has become a major trade partner for over 140 countries and regions and has signed more than 230 BRI cooperation documents with over 150 countries and more than 30 international organizations.

Fifth, reform and innovation in social programs have deeply progressed, continuously enhancing our capacity to ensure the people's well-being. Focusing on solving pressing difficulties and problems that concern the people most, we have introduced a series of reform measures in income distribution, employment, education, social security, elderly care, child care, health care and housing security. From 2013 to 2023, we have created over 140 million jobs in urban areas, and the per capita disposable income of residents has increased by an average of 6.2% annually in real terms. China has achieved the historic elimination of absolute poverty and built the world's largest education, social security and health care systems. Additionally, environmental protection in China has undergone historic, transformative and comprehensive changes.

Sixth, adhering to a holistic approach to national security, our capabilities to safeguard economic security have continued to improve. Our food production, purchase, storage, processing and sales systems have been continuously strengthened. Our total grain output in 2023 reached 1.39 trillion jin (695 million metric tons), achieving basic self-sufficiency of grain and absolute security of staple food. The energy revolution has been accelerated, continuously enhancing our green, low-carbon energy security capabilities. The installed capacity of renewable energy in 2023 exceeded 50% of the total installed power generation capacity nationwide. Moreover, China's newly-added installed capacity of renewable energy exceeded 50% of the global total. At the same time, China's industrial and supply chains became more self-supporting. The supply and prices of major commodities and raw materials have been kept stable in an effective and orderly manner. Data security capability building is continuously advancing, and the systems and mechanisms for financial risk prevention and control are gradually being perfected.

The present and the near future constitute a critical period for our endeavor to build a great country and move toward national rejuvenation on all fronts through Chinese modernization. We must continue to push forward with our reform efforts. We will thoroughly implement the principles of the third plenary session of the 20th CPC Central Committee and fully advance the major tasks of economic structural reform. We will focus on resolving bottlenecks and blockages that hinder high-quality development, as well as cultivating and enhancing endogenous driving forces for high-quality development. This approach aims to comprehensively promote Chinese modernization through high-quality development.

That concludes my introduction. My colleagues and I are now ready to take your questions. Thank you.