Beijing - The Chinese government work report was submitted on Tuesday to the national legislature for deliberation. Bridging News recently conducted exclusive interviews with four deputies at the National People's Congress (NPC), discussing how the guidelines and targets in the report influence their respective fields.
New energy storage tech vital for energy breakthroughs
Pan Fusheng, an NPC deputy and Professor at Chongqing University and Academician of the Chinese Academy of Engineering praised China's progress in industrial development, technological innovation, openness, stability, and national security amid challenging global conditions, calling it encouraging.
Pan Fusheng is an NPC deputy and professor at Chongqing University and an academician of the Chinese Academy of Engineering. (Photo/Catherine Chen)
"The government work report's mention of 'new quality productive forces' marks a major innovation in the theory of productive force development," Pan said.
He stressed the importance of high-quality productive forces, embodying high technology and innovation, asserting that innovation ensures high efficiency, leading to high-quality development and improved quality of life for the populace.
Pan also pointed out targeted measures proposed in the report for achieving China's dual carbon goals. "I believe we must develop new energy storage technologies and promote energy-saving and emission reduction technologies," Pan said.
He highlighted new energy storage technology as vital for overcoming key energy technology bottlenecks, facilitating large-scale renewable energy applications, and advancing dual carbon goals. These measures, he emphasized, significantly impact industry development and provide technical support.
Issuance of ultra-long special treasury bonds to propel economic growth
Xie Wenhui, an NPC deputy Party Secretary and Chairman of Chongqing Rural Commercial Bank (CQRCB) noted that the report highlighted the need to strengthen the prevention and resolution of risks associated with local debts, real estate, and small and medium-sized financial institutions.
Xie Wenhui is an NPC deputy Party Secretary and Chairman of Chongqing Rural Commercial Bank (CQRCB). (Photo/Catherine Chen)
Xie elaborated, "My understanding is that the country is further strengthening its efforts through initiatives like the Belt and Road Initiative to establish a Western financial center."
Chongqing is contributing to the development of the Western financial center by developing sectors such as fintech, green finance, inclusive finance, pension finance, and digital finance.
"This year's government work report also mentioned the issuance of ultra-long special treasury bonds to propel economic growth," said Xie.
Xie added, "I believe that the government's effective measures will address some of the problems we faced in the early stages of economic development, including resolving issues related to real estate and the risks of small and medium-sized financial institutions. This could support the issuance of medium to long-term government bonds."
Rapid enactment of laws supporting the private sector
Chen Youkun, an NPC deputy and the Secretary of the Party Committee, and Director of Beijing Dacheng Law Offices (Chongqing) highlighted that the report sets the GDP growth target for 2024 at around 5 percent. China aims to create over 12 million jobs in urban areas this year, with a surveyed urban unemployment rate of 5.5%.
Chen Youkun is an NPC deputy, and the Secretary of the Party Committee and the Director of Beijing Dacheng Law Offices (Chongqing). (Photo/Catherine Chen)
Chen believes that achieving these targets is feasible through active fiscal policies, prudent monetary policies, unified macro policies, and the implementation of several key work areas.
The report highlights the importance of removing barriers to market access for private enterprises and ensuring fair law enforcement. It emphasizes establishing a long-term mechanism to protect private enterprises' receivables and improve the business environment.
Chen suggests swiftly implementing laws promoting the private economy and constructing regulations to protect private enterprise payments.
Major transportation construction and rural revitalization
Ran Hui, an NPC deputy and Party Branch Secretary of Tianshanbao Village in Youyang Tujia and Miao Autonomous County, agreed beneficial measures for rural revitalization and agricultural development in minority regions mentioned in the report.
Ran Hui is an NPC deputy and Party Branch Secretary of Tianshanbao Village in Youyang Tujia and Miao Autonomous County. (Photo/Catherine Chen)
Ran looks forward to the construction of the Chongqing-Changsha High-speed Railway. This railway is expected to boost the economy and social development of the Wuling Mountain area, particularly benefiting rural revitalization.
Given the region's excellent ecological environment and undiscovered scenic spots, this high-speed rail will also enhance rural tourism and increase local residents' income.