The World Internet Science and Technology Museum officially opened in Wuzhen, East China's Zhejiang Province on November 7, 2023, which is the world's first large-scale technology museum themed on the Internet. Photo: IC

Various Chinese central government departments have unveiled their task lists for 2024, highlighting a strong emphasis on innovation and stimulating domestic demand. These keywords serve as a clear indication of the country's future economic policies and will lay a solid foundation for robust economic growth in the coming year, experts said.

Multiple central government departments have aligned their work plans for 2024 with a strong emphasis on technological innovation, as the Central Economic Work Conference has declared that "Sci-tech innovation should lead the development of a modern industrial system" as the foremost priority for next year's economic work. 

In a meeting with the heads of China's central state-owned enterprises on Monday and Tuesday, the State-owned Assets Supervision and Administration Commission of the State Council vowed to improve the intensity of research and development investment and technological output efficiency, among the key tasks for 2024.

On December 21, the Ministry of Industry and Information Technology (MIIT) held a key meeting to make its work plan for 2024, which highlighted key tasks including promoting stable growth in the industrial economy, enhancing industrial technological innovation and fostering the development of emerging industries. 

The Ministry of Science and Technology proposed five key tasks for 2024, stressing breakthroughs in key core technologies related to China's development and national security, development of forward-looking and leading technologies, and creation of a favorable environment to support technology self-reliance.

The financial regulatory department has pledged full support for science and innovation. Financial institutions should be guided to scale up support for scientific and technological innovation, the green transformation, inclusive finance for small- and micro-sized businesses and the digital economy, according to the Central Economic Work Conference.
 
A key meeting of the Ministry of Finance stressed the importance of fully supporting key core technologies and ensuring funding for major scientific projects. The National Financial Regulatory Administration emphasized enhancing financial services to accelerate the development of new productivity forces and a modern industrial system.

These concerted efforts reflect the recognition that innovation-driven growth is crucial for sustaining China's economic momentum and achieving its long-term development goals, experts said. 

Technological innovation is considered asa most important task because it is the core issue driving China's economic structural adjustment, transformation and upgrading, Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Tuesday.

It is crucial for China to focus on self-reliance and stronger technological innovation, as well as developing autonomous and controllable industry and supply chains, particularly in the face of global changes and technological suppression by Western countries, Cong said.

Recently, an innovation and tech company under China Rare Earth Group was established, with registered capital of 300 million ($41.98 million), according to company information platform Tianyancha. Wholly owned by China Rare Earth Group, the new company's business scope includes technology intermediary services, data processing and storage support services, rare-earth metal smelting and supply chain management services.


The emphasis on technological innovation is also seen as a means to unleash domestic demand and meet the needs of consumption upgrading, Cong added.

Boosting domestic demand is another key focus, with several departments taking proactive steps to expand domestic demand, as highlighted in the Central Economic Work Conference.

A meeting by the National Development and Reform Commission, China's top economic planner, stressed the need to effectively utilize the newly issued 1 trillion yuan of government bonds in 2023, stimulate private investment and involve more private capital in national projects, among its key work tasks for 2024.

The Ministry of Commerce pledged to promote trade-ins and foster a first-rate global business environment.

The meeting by the MIIT stressed boosting sales of new-energy vehicles and electronic products.
 
Next year, the focus of economic work will continue to be driven by innovation, while addressing domestic demand, Hu Qimu, a deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Tuesday.

Monetary policy will remain prudent, promoting economic development in a precise and effective manner. Fiscal policy will actively expand to stimulate effective demand and promote investment, especially through the issuance of the 1 trillion yuan special government bonds, Hu said. 

To expand domestic demand, efforts should be made to stimulate consumption potential and expand productive investment to create a virtuous cycle of mutual promotion between consumption and investment, according to the Central Economic Work Conference.

The development of digital consumption, green consumption and health-related consumption should be further promoted, and new growth areas such as the consumption of smart home appliances, entertainment and tourism, sports events and trendy domestic brands should be fostered, according to the conference.