Page 38 - REPORT ON THE IMPLEMENTATION OF THE 2022 PLAN FOR NATIONAL ECONOMIC AND SOCIAL EVELOPMENT AND ON THE 2023 DRAFT PLAN FOR NATIONAL ECONOMIC AND SOCIAL EVELOPMENT

work, attain the goal of maintaining stability in foreign trade and foreign
investment and achieving a basic equilibrium in the balance of payments.

 Grain output above 650 million metric tons
Considering our domestic demand and overall production capacity, the
changes in the international grain market, and other factors, it is imperative that
we maintain grain output above 650 million metric tons in order to
comprehensively consolidate the foundations for food security and ensure ample

supply at stable prices.
 A further drop in energy consumption per unit of GDP, continued reductions in
the discharge of major pollutants, stronger control over consumption of fossil fuels, and
steady improvements in the natural environment
As we pursue economic and social development, industrial and household

energy use will inevitably grow. To guide and regulate energy conservation efforts,
and after considering the need to carry out assessments within the framework of
the 14th Five-Year Plan, we have set the goal of reducing energy consumption per
unit of GDP by around 2%, and we will strive for better results in actual work. In
addition, we will continue to reduce the discharge of major pollutants, exercise

stronger control over consumption of fossil fuels, and ensure steady improvements
in the environment.
3. Major Macro Policy Orientations
To achieve the abovementioned objectives, we must give first priority to

stability and pursue progress on the basis of stability. We will continue to pursue a
proactive fiscal policy and a prudent monetary policy, exercise more effective
macro regulation, and better coordinate policies to create synergies for
high-quality development.
 Pursuing a proactive fiscal policy with greater intensity and better results
We will maintain an appropriate level of spending intensity and balance the

use of deficits, special-purpose bonds, interest subsidies, and other tools so that we
can ensure fiscal sustainability and control local government debt risks while
supporting high-quality development. The deficit-to-GDP ratio for 2023 has been
set at 3%, 0.2 percentage points higher than 2022. The government deficit is set at

3.88 trillion yuan, an increase of 510 billion yuan over 2022. Preferential tax and fee
policies will be improved, and the current measures for fee reductions and tax cuts,
rebates, and postponement will be extended and improved as needed to provide
greater support to the manufacturing sector, MSMEs, self-employed individuals,
and industries facing particular difficulties.

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