CHINA Highlights of China's 2020 Government Work Report

CHINA

Highlights of China's 2020 Government Work Report

People's Daily app

10:18, May 22, 2020

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Photo: The third session of the 13th National People's Congress (NPC) opens at the Great Hall of the People in Beijing, May 22, 2020. /People's Daily

Premier Li Keqiang delivered the Government Work Report to the third session of the 13th National People's Congress in Beijing on Friday morning. Here are the highlights:

China firm on achieving development goals of 2020, though setting no specific growth target

China will work to ensure achieving the development goals of winning the battle against poverty and completing the building of a moderately prosperous society in all respects this year, though setting no specific economic growth target for 2020.

China aims to add over 9m new urban jobs in 2020

China will prioritize stabilizing employment and ensuring people's livelihood this year, aiming to create more than 9 million new urban jobs.

China further lowers defense budget growth to 6.6%

China will continue to lower its defense budget growth rate to 6.6 percent in 2020, the lowest defense budget growth rate in recent years.

The proposed defense budget stands at 1.268 trillion yuan ($178 billion).

China targets CPI increase of around 3.5% in 2020

China has set its consumer inflation target at around 3.5 percent for the year of 2020.

China to ensure eliminating rural poverty in 2020
China will ensure the elimination of poverty among all rural residents living below the current poverty line and in all poor counties this year.

China to reduce corporate burden by over 2.5t yuan in 2020

China aims to reduce corporate burden by more than 2.5 trillion yuan (about $353 billion) throughout the year.

China to keep improving environment for private sector's development

China will continue to foster an enabling environment for the development of the private sector and ensure private businesses have equal access to production factors and policy support.

The country will review relevant regulations to abolish those that unfairly differentiate enterprises according to ownership forms.

Deadlines will be set for government bodies to make overdue payments owed to private and small and medium-sized businesses.

China's prudent monetary policy to be more flexible, appropriate

China will pursue a prudent monetary policy in a more flexible and appropriate way.

Central, western China to open new pilot FTZs, integrated bonded areas

China will establish new pilot free trade zones (FTZs) and integrated bonded areas in the country's central and western regions.

China to significantly shorten negative list for foreign investment

China will significantly shorten its negative list for foreign investment.

China not to ease regular COVID-19 prevention, control

China will spare no efforts in its regular prevention and control of COVID-19, nor will it lose any time in advancing its economic and social development agenda.

China to enhance financial support for stable business operations

China will increase financial support to keep business operations stable.

Large commercial banks should increase inclusive finance lending to micro and small businesses by more than 40 percent, said the report.

Governments at all levels in China should tighten their belts

Governments at all levels should tighten their belts while the central government should take the lead by committing to negative growth in its budgetary spending.

China's deficit-to-GDP ratio target at over 3.6% in 2020

China's deficit-to-GDP ratio this year is projected at more than 3.6 percent.

The ratio was 0.8 percentage points higher than that of last year.

The deficit increase is projected at 1 trillion yuan (about $141.6 billion) over last year, said the report.

China to issue 1-trillion-yuan government bonds for COVID-19 control

China plans to issue 1 trillion yuan (about $141 billion) of government bonds for COVID-19 control.

China keenly aware of challenges, problems

China is keenly aware of the difficulties and problems it faces while recognizing the achievements.

China's negative Q1 growth "a price worth paying" as life is invaluable

China's economy posted negative growth in the first quarter of this year, but it was "a price worth paying" to contain COVID-19 as life is invaluable.

China pledges efforts to minimize losses from COVID-19

China will redouble its efforts to minimize the losses resulting from COVID-19 and fulfill the targets and tasks for economic and social development this year.

(With inputs from Xinhua)

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