Economics：Highlights from the 2024 Government Work Report

1. A largely positive tone： GDP growth target set at c. 5%， with a more proactive target for new employment.

2. Counter-cyclical fiscal policies the highlights： ultra-long special government bonds to be issued over the next few years， starting with RMB1tn of such bonds in 2024。

3. Industry policy： promoting transformation of the property sector； facilitating high-quality development with new productive forces.