中国总理《政府工作报告》将今年国内生产总值（GDP）增长的预期目标设定为5%左右，同时将财政赤字率设定为3%，这是有其合理性的。

首先，体现了政策的连续性和相对稳定性。去年预期GDP增长目标为5%左右，但实际增长了5.2%。今年各地政府上报的预期经济增速平均为5.4%，显然，中央设立5%左右预期增长目标仍是留有余地的。更重要的是，未来不仅要完成“十四五”发展目标，且要为实现2035年中期发展目标做铺垫，如果近期经济增速太低，可能会影响这些目标的实现。在各项政策加持下，加之去年以来中国经济整体呈现平稳恢复，设定5%左右的预期经济增长目标是必要的，也是可行的。

其次，守住了3%财政赤字率这一国际惯例。去年实际财政赤字率3.8%是有特殊原因的，即最近两年房地产剧烈调整，政府土地收入下降不少。今年的财政赤字水平，仍然体现出积极财政政策在适度加力。今年预算内赤字4.06万亿元，与去年相比增加1000多亿元，发行长期特别国债1万亿元，还有地方政府专项债3.9万亿元，加上去年财政结余5000亿元，加在一起超过了9万亿元，这在全年28万多亿元财政支出中所占比例是不小的。总之，今年以财政政策支持经济增长的力度稳中有升。发行1万亿元特种国债对市场冲击较小，因为债券期限长，短期内不用还本。过去发行很多短期、中期国债，现在发行长期国债，使得期限结构更加合理。

从《政府工作报告》看，今年的政策目标和重点工作已经确定，未来中国经济社会高质量发展值得期待。

提出激发有潜能的消费。针对居民消费意愿不足、消费能力不强的现状，《政府工作报告》提出从增加收入、优化供给和减少限制性措施来综合施策。多年来，城乡居民收入和经济增长基本保持同步，但存在的两极分化限制了低收入人群的消费。要增加农民收入水平，提高社会保障水平，这是跨越中等收入陷阱的关键。要增加就业、鼓励中小微企业和民营企业发展，还要深化相关改革。现在消费呈现多元化、多层次的特点，温饱型消费基本得到满足，但改善型、升级型消费供给不足。随着老龄化社会加快来临，养老健康需求上升，大量失能老人需要长期照护，这些领域的供给严重不足。健康消费无止境，是刚性需求。文化、旅游、教育、娱乐和体育等领域也是短板，要引导资本有序流入。

鼓励扩大有效益的投资。要聚焦有潜能的消费领域，培育新的产业和经济增长点。过去一年，关于投资与消费谁更关键的话题讨论热度很高，从今年政府工作报告看，无论是消费还是投资，都被放在了重要位置。扩大内需，投资与消费不可偏颇，要让投资和消费“两个轮子”都转动起来。去年全国固定资产投资增长3%，拖累了中国经济增长，今年应该将投资增速提升到4%以上。投资要有效率、有回报、增加就业，要拉动民间投资和外商投资，让投资“乘数效应”更加彰显，同时引导更多社会资金投入。要让投资和消费形成良性互动，在更高层次上实现新的平衡。

加快建设现代化产业体系和发展新质生产力。在新旧动能转换过程中，传统生产要素——土地、劳动、资本投入是有限的，中国经济实现高质量发展必须在效率上做文章，挖掘发展潜力，走内涵发展和创新发展的道路。在经济学上有一个对应的概念，即全要素生产率，它是指通过技术变革推动效率提升和能源资源消耗减少，进而推动经济增长质量的不断提升。今年的《政府工作报告》依然提出单位GDP能源消耗和碳排放减少的目标。近年来，中国相继出台了一系列促进科技创新的政策举措，国家创新能力稳步提升，但与发达经济体还有差距。要进一步加大研发投入，加快人才培养，改革创新机制，释放经济发展潜力，同时对标国际高标准，坚持不懈，砥砺前行。

推进高水平对外开放。近期中国商务部明确表态，要对标CPTPP（全面与进步跨太平洋伙伴关系协定），加快向国际高标准经贸规则看齐。20多年来，WTO合作搁浅，多哈回合停滞不前。然而，新的经济合作机制层出不穷，一些新的课题，例如数字经济、服务贸易、应对气候变化等，在多边层面上难以得到妥善解决。近年来，中国积极申请加入CPTPP，并推出了一系列实际扩大开放的举措，例如制造业完全对外开放市场准入。在服务业方面，近期放开了银行、证券、保险等金融机构的市场准入，外资可以100%持股，另外还单方面扩大了一些国家人员来往免签。同时，负面清单一减再减，营商环境持续改善，自由贸易试验区和海南自由贸易港建设加快推进。相信未来中国将会越来越开放，对国际社会贡献也会越来越大。

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.