BEIJING -- Huang Shouhong, head of the group for drafting the Chinese government work report this year, on Tuesday elaborated on the key points of the document and unveiled the process of its formulation.

The report, which was delivered by Premier Li Qiang at the annual session of China's national legislature earlier in the day, lays out major targets and tasks of the government for 2024.

Huang, director of the Research Office of the State Council, explained why China sets these priorities and whether they are within reach as "China's development environment this year will continue to feature both strategic opportunities and challenges, with favorable conditions outweighing unfavorable ones," as the report puts it.

GDP TARGET ATTAINABLE

Huang said the government set the 2024 growth target of around 5 percent by comprehensively taking into account various factors, including both domestic and international situations, as well as both the necessity and possibility of reaching such a rate.

He pointed out three reasons that underpin China's confidence and capability to realize the target, with the first being the country's unchanged fundamental driving forces that powered a 5.2 percent growth in 2023, as well as many advantages such as a gigantic market, a complete industrial system and numerous highly qualified workers.

The second is weakening adverse factors, including improving property investment and sales, easing local government debts, and quickening steps taken by small and medium-sized financial institutions to curb risks.

Thirdly, the official also noted that pro-growth policies rolled out in the second half of last year will kick in this year.

CONCERTED EFFORTS

In the report, the government proposes a 3 percent deficit-to-GDP ratio this year, the same with the budgeted figure of last year but lower than the actual 3.8 percent as China issued an additional 1 trillion yuan (about $140.8 billion) in treasury bonds in the fourth quarter last year.

"We can't say that China's proactive fiscal policy has softened as the deficit-to-GDP ratio was lowered ... The same 3 percent ratio this year means 4.06 trillion yuan in deficit, 180 billion yuan more than the budgeted figure at the beginning of last year as the GDP base will be expanded," he stressed.

According to the report, China aims to add "more than" 12 million urban jobs this year, while last year's target was "around" 12 million.

The different wording reflects both the Party and the government's determination and policy orientation to boost employment, particularly for college graduates and other young people, Huang said.

On China's investment environment, he said that foreign investors in China generally harvested a 9 percent rate of return over recent years, a comparatively high level around the world.

To woo foreign capital, Huang said China will steadily expand institutional opening up, widen market access, and refine services for foreign investors.

POOLED WISDOM

The report was formulated with the aim of faithfully implementing the decisions and policies of the Communist Party of China Central Committee, and also on the basis of broad public opinions from various regions, departments and walks of life, Huang said.

A campaign was launched to solicit advice online and netizens including foreigners provided over 1.6 million suggestions, up 82 percent year on year.

After the draft report was finished, more than 4,000 copies were handed out and over 1,100 pieces of revision advice were collected.

"We considered all these suggestions item by item to see if we can take them fully or partly ... In the coming days, we will continue to revise the report in accordance with opinions of lawmakers and political advisors," he said.

Faced with a complex and severe international environment as well as various risks and challenges, many countries failed to achieve goals set by their governments, but why did China, confronted with similar problems, always succeed in accomplishing its targets?

"One of the reasons is that the CPC and the Chinese government uphold democracy and seek the greatest common ground when mulling development goals and major policies. They are built on a solid social and public opinion foundation, rather than on the will and demand of the minority," Huang said.

After the national legislature gives the greenlight for the execution of the report, various departments of the State Council will make detailed plans for its implementation, Huang said.

The State Council has refined a mechanism to see that all the adopted measures will be fully carried out, he added.