China sets 2019 GDP growth target at 6-6.5 pct
China has set its GDP growth target at 6-6.5 percent for 2019, according to the 2019 government work report.
(File photo: VCG)
China aims to maintain consumer inflation level at around 3 percent and create over 11 million new urban jobs. The surveyed urban unemployment rate is projected to stay around 5.5 percent, the registered urban unemployment rate within 4.5 percent, according to the report to be delivered Tuesday morning at the second session of the 13th National People's Congress, China's top legislature.
"The above projected targets are ambitious but realistic--they represent our aim of promoting high-quality development, are in keeping with the current realities of China's development, and are aligned with the goal of completing the building of a moderately prosperous society in all respects," the report says.
China to cut corporate burden by nearly 2 trln yuan in 2019
China's economy outperformed the official 2018 goal of "around 6.5 percent" by expanding 6.6 percent. A range target was also set for 2016 at 6.5-7 percent.
This year is the 70th anniversary of the founding of the People's Republic of China. It will be a crucial year for China as it endeavors to achieve the first centenary goal of building a moderately prosperous society in all respects, the report says.
"A full analysis of developments in and outside China shows that in pursuing development this year, we will face a graver and more complicated environment as well as risks and challenges, foreseeable and otherwise, that are greater in number and size," according to the report.
"China is still in an important period of strategic opportunity for development and has ample resilience, enormous potential, and great creativity to unleash. The longing of our people for a better life is strong. We have the unshakable will and the ability needed to prevail over difficulties and challenges of any kind, and our economic fundamentals are sound and will remain sound over the long term," the report says.
China will reduce the tax burdens and social insurance contributions of enterprises by nearly 2 trillion yuan (about 298 billion U.S. dollars) this year, according to a government work report available to the press Tuesday ahead of the annual legislative session.
"We will introduce both general-benefit and structural tax cuts, focusing primarily on reducing tax burdens on the manufacturing sector and on small and micro businesses," the report said.
China will reduce the current value-added tax rate of 16 percent for manufacturing and other industries to 13 percent, and lower the rate for such industries as transportation and construction from 10 percent to 9 percent.
Supporting measures, like increased tax deductions for producer and consumer services, will be taken to make sure that tax burdens in all industries do not go up, the report said.
"We will ensure that the general-benefit tax cut policies issued at the start of the year for small and micro businesses are put into effect," the report said.
The moves aim at strengthening the basis for sustained growth while also considering the need to ensure fiscal sustainability, and are taken to support the efforts to ensure stable economic growth, employment, and structural adjustments, it added.
China to lower defense budget growth to 7.5 percent
China will lower its defense budget growth rate to 7.5 percent in 2019, from last year's 8.1 percent, according to a draft budget report to be submitted to the annual session of the National People's Congress (NPC) opening Tuesday.
The 2019 defense budget will be 1.19 trillion yuan (about 177.61 billion US dollars), figures from the report show.
The rate marks a fourth straight year for the budgeted growth rate to dip into the single digit since 2016, following five consecutive years of double-digit increases.
China's budgeted defense spending growth rate stood at 7.6 percent in 2016, 7 percent in 2017, and 8.1 percent in 2018.
Describing China's defense budget increase as reasonable and appropriate, Zhang Yesui, spokesperson for the annual session of the 13th NPC, said the raise aims to "meet the country's demand in safeguarding national security and military reform with Chinese characteristics."
China to further cut spending on official overseas visits, vehicles, hospitality
The Chinese central government will cut its general expenditures by 5 percent, and reduce spending on official overseas visits, official vehicles, and official hospitality by another 3 percent, says the government work report.
China to cut average rates for mobile internet services by over 20 pct
The average rates for mobile internet services in China will be further cut by more than 20 percent in 2019, and average broadband service rates for small and medium enterprises will be lowered by another 15 percent, says the government work report.
China to prudently advance legislation on real estate tax
China will prudently advance legislation on real estate tax, says the government work report. It also says that China will better address people's housing needs and sustain the steady and healthy development of real estate markets.
China to bring more competition to monopoly industries
China will separate network ownership and operation in natural monopoly industries to make the competitive aspects of their operations fully market based, according to the government work report.
Reforms will be deepened in sectors including power, oil and natural gas, and railways, says the report.
China to increase small business loans by over 30 pct in 2019
Loans to be granted to small and micro businesses by China's large state-owned commercial banks will increase by over 30 percent in 2019, says the government work report.
China to increase 2019 allocation on preventing, controlling air pollution by 25 pct
China's central government will allocate 25 billion yuan (3.73 billion US dollars) to prevent and control air pollution, an increase of 25 percent year on year, says the draft budget report to be submitted to the country's annual legislative session.
China to promote steady growth in consumption
China will use a combination of measures to increase urban and rural personal incomes and boost capacity for consumption, says the government work report.
China will use multiple avenues to increase the supply of quality products and services, and act faster to resolve problems and difficulties blocking the entry of private investment, according to the report.
The country will take significant steps to develop elderly care, especially community elderly care services, as the number of people in China aged 60 and above has reached 250 million, the report says.
China will move faster to develop various types of infant and child care services, encourage private actors to run childcare and early childhood education agencies.
It will also develop and strengthen the tourism industry and maintain steady automobile consumption, according to the report.
China to cut SO2, nitrogen oxide emissions by 3 pct
China will cut its sulfur dioxide and nitrogen oxide emissions by 3 percent in 2019, in a bid to consolidate and expand the gains in its efforts to keep its skies blue, says the government work report.
China to cut energy consumption per unit of GDP by 3 pct
China will further improve its environment by cutting the energy consumption per unit of GDP by around 3 percent in 2019, says the government work report.
China to reduce rural poor population by over 10 mln in 2019
China vows to reduce its rural poor population by over 10 million in 2019, according to the government work report.
The central government will specially allocate 126.095 billion yuan (18.82 billion US dollars) to fund poverty alleviation, an increase of 18.9 percent, says the draft budget report to be submitted to the session.
China to issue 2.15 trln yuan of special local govt bonds in 2019
China will issue 2.15 trillion yuan (about 320 billion US dollars) of special local government bonds this year, an increase of 800 billion yuan over last year, says the government work report.
"This is designed to both provide funding for key projects and create conditions for better forestalling and defusing local governments' debt risks," the report says.
China to use prudent monetary policy to "right degree"
China will ease and tighten its prudent monetary policy to the right degree, according to the government work report.
China will use flexibly a variety of monetary policy instruments to effectively mitigate difficulties faced in the real economy, especially by private enterprises and small and micro businesses, says the report.
The country will improve the exchange rate mechanism and keep the RMB exchange rate generally stable and at an adaptive and balanced level, according to the report.
China to do more to attract foreign investment in 2019
China will do more to attract foreign investment in 2019, according to the government work report.
China will further relax controls over market access, shorten the negative list for foreign investment, and permit wholly foreign funded enterprises to operate in more sectors, the report said.
"We will strengthen efforts to protect foreign investors' legitimate rights and interests," the report said.
China to expand infrastructure investment in 2019
China will expand infrastructure investment in 2019, including 800 billion yuan (119 billion US dollars) in railway construction and 1.8 trillion yuan in road construction and waterway projects, says the government work report.
China targets over 11 million new urban jobs in 2019
China will create over 11 million new urban jobs in 2019, says the government work report.
The government aims to achieve a surveyed urban unemployment rate of around 5.5 percent, and a registered urban unemployment rate within 4.5 percent, figures from the report show.
China to keep consumer inflation target at around 3 pct in 2019
China aims to keep consumer inflation at around 3 percent in 2019, says the government work report.
China lifts 2019 fiscal deficit target to 2.8 pct of GDP
China lifts its fiscal deficit target to 2.8 percent of GDP for 2019, up by 0.2 percentage points compared with 2018, says the government work report.
The budgetary deficit is projected at 2.76 trillion yuan (about 412 billion US dollars), with a central government deficit of 1.83 trillion yuan and a local government deficit of 930 billion yuan, according to the report.