Milestone significance of the 2023 National Two Sessions:
- New Mission: Having successfully achieved the first centenary goal of building a moderately prosperous society by 2019, China is now embarking on the journey of achieving the second centenary goal of becoming a strong socialist country by 2050.
- Shifting Perspectives: China's perspective is expanding beyond domestic affairs as it pursues a more prominent role on the global stage in face of the increasing global uncertainties and complexities.
- Deepening Economic Transformation: The goal has shifted from solely pursuing medium-to-high economic growth (5.5% target set for 2022) to exploring high-quality market opportunities while maintaining a 5% economic growth rate through improved efficiency and enhanced quality.
Highlights:
1. Shifting Focus to Domestic Demand for Economic Growth in 2023
Considering the uncertainties and risks in the international environment, the key to maintaining stable economic development lies in driving the economic growth through internal factors, particularly by expanding domestic demand through promoting household consumption and encouraging high-quality investments. By doing so, China aims to reduce reliance on external factors, thereby enhancing the resilience and sustainability of its economy.
2. Creating a Better Business Environment as the Focus of the Market Reform
In terms of the market reform, the emphasis is on effectively stimulating market vitality and improving the rules of law and systems to create a better business environment for private enterprises and foreign investment.
3. Emphasizing on Technological Independence and Industrial Upgrading
Regarding industrial policies, the government has begun to focus more on enhancing independence in technology, upgrading industrial structures, and developing emerging industries of strategic importance. Greater and more actionable efforts will be made to transform the traditional industries and to upgrade the steelmaking and the petrochemical industry.
4. Stepping Up Efforts in Achieving Carbon Peaking and Carbon Neutrality
Regarding the work of carbon peaking (peaking carbon dioxide emissions before 2030) and carbon neutrality (achieving carbon neutrality by 2060), there is more emphasis on implementing measures in a scientifically informed manner and with an appropriate pace. The goal is to ensure a smooth and sustainable transition as it takes into consideration various factors such as economic development, social stability, and the feasibility of industrial transformation during the process.
5. Restructuring CPC Central and State Council Departments to Strengthen Party Leadership
The nation will continue strengthening CPC Central's leadership in key areas such as technological innovation and financial supervision, responding the call of "protecting the new development pattern with a new security framework" to ensure national security.
Government Work Report In Summary:
- Major Policies Review and Comparison (2022&2023)
- Main Targets In Numbers Along the 5 Years (2018-2023)
("~" in the table means "around")
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Written by the GL Consulting team (Mysteel's consultancy arm on energy transition): glconsulting@mysteel.com
Edited by Navy Liu: liuchuanjun@mysteel.com
