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China Work report 2018 highlights

China Work report 2018 highlights

March 5, 2018

Following the speech by the Chinese Premier Li Keqiang at the first session of the 13th National People’s Congress at the Great Hall of the People in Beijing. The following is the highlights of the contents in the government work report:

Over the past five years China has achieved:

· China’ s gross domestic product (GDP) has risen from 54 trillion yuan ($8.5 trillion) to 82.7 trillion yuan, registering average annual growth of 7.1 percent
· More than 68 million people have been lifted out of poverty
· China’s basic medical insurance now covers 1.35 billion people
· Tourist departures have grown from 83 million to over 130 million
· Both energy and water consumption per unit of GDP have fallen more than 20 percent, the release of major pollutants has been consistently declining, and the number of days of heavy air pollution in key cities has fallen 50 percent
· Personal income has increased by an annual average of 7.4 percent, outpacing economic growth and creating the world’ s largest middle-income group
· More than 66 million new urban jobs have been added, and the country, with its population of over 1.3 billion, has achieved relatively full employment

Targets for 2018 and other objectives are:

· GDP growth of around 6.5 percent
· CPI increase of around 3 percent
· China will open doors wider to foreign investors this year by completely opening up its general manufacturing sector and expand access to a number of other sectors like telecommunications, medical services, education, elderly care, and new-energy vehicles
· China will further reduce the poor rural population by over 10 million, including 2.8 million people who are to be relocated from inhospitable areas
· Over 11 million new urban jobs, the surveyed urban unemployment rate within 5.5 percent, and the registered urban jobless rate within 4.5 percent
· Basic parity in personal income growth and economic growth
· A steady rise in import and export volumes, and a basic equilibrium in the balance of payments
· A drop of at least 3 percent in energy consumption per unit of GDP, and continued reductions in the release of major pollutants
· China will cut sulphur dioxide and nitrogen oxide emissions by 3 percent and achieve a continuous decline in PM2.5 density in key areas
· Rates for mobile internet services will be cut by at least 30 percent in 2018
· Substantive progress in supply-side structural reform, basically stable macro leverage, and systematic and effective prevention and control of risk
· This year’ s deficit as a percentage of GDP is projected to be 2.6 percent, 0.4 percentage point lower than last year
· Cut steel production capacity by around 30 million metric tons and coal production capacity by approximately 150 million metric tons
· Reduce taxes on businesses and individuals by more than 800 billion yuan
· This year will see 732 billion yuan invested in railway construction and around 1.8 trillion yuan invested in highway and waterway projects; the scale of investment in ongoing water conservancy projects will reach 1 trillion yuan
· China will build or upgrade 200,000 kilometres of rural roads
· Per capita government subsidies for basic health insurance for rural and non-working urban residents will be increased by 40 yuan ($6.3), half of which will be used for the serious disease insurance scheme
· Reduce the rural drop-out rate, moving faster to put an end to big class sizes in urban schools, and addressing the problem of heavy extracurricular burdens on primary and secondary school students
· China will improve property rights systems, the cornerstone of the socialist market economy, as well as mechanisms for market-based allocation of the factors of production
· Actively expand imports, host the first China International Import Expo, and lower import tariffs on automobiles, some everyday consumer goods, and so on
· Promote the peaceful growth of cross-Straits relations on the basis of the 1992 Consensus, and advance China’ s peaceful reunification
· China will unveil and implement the development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, among other moves to promote coordinated regional development of the country
· Promote coordination and cooperation among major countries, deepen friendships and achieve common development with our neighbours, and enhance unity and cooperation with other developing countries
· Ensure the success of the annual conference of the Boao Forum for Asia, the Shanghai Cooperation Organization Summit, the Summit of the Forum on China-Africa Cooperation