China has set a target of around 5 percent GDP growth this year.
The first session of the 14th National People’s Congress in Beijing opened on Sunday at the Great Hall of the People, with party and state leaders attending the opening ceremony. Prime Minister Li Keqiang presented the government’s work report at the meeting.
According to China Med Ya, Li Keqiang pointed out in the government work report that 2022 was a very important year in the history of the party and the country. The triumphant holding of the 20th National Congress of the Communist Party of China has created a grand blueprint for the comprehensive construction of a modern socialist country.
In view of the complex international environment and the difficult internal reform and development tasks, the Central Committee of the Party under the leadership of Xi Jinping has guided the people of all nationalities in the country to deal with the difficulties faced, prevent the epidemic, stabilize the economy and Efforts have been made to develop safely, to increase the intensity of macro control, to achieve stable economic operation, to continuously improve the quality of development and to maintain stability in the overall social situation.
The Chinese Premier pointed out in the government work report that in the past year, the economic development of the People’s Republic of China has faced a number of unexpected factors at home and abroad, including the epidemic. Under the strong leadership of the Party Central Committee, we have effectively integrated epidemic prevention and control with economic and social development. In the context of new pressures on the economy, we have responded decisively and made timely adjustments for economic stability and recovery.
Li Keqiang further pointed out in the government work report that GDP is expected to grow by about 5 percent and provide about 12 million new urban jobs. The surveyed urban unemployment rate is expected to rise by about 5.5 percent and consumer prices by about 3 percent. Also, income growth and economic growth are essentially compatible, and imports and exports will be boosted. He said that the production of food grains will remain more than 0.65 trillion kg.
Achieving steady progress, maintaining policy continuity and stability and strengthening coordination and cooperation of various policies are essential to jointly promote high-quality development, he added. The deficit ratio is proposed to be 3%. Preferential tax policies will be improved, transformation and upgrading of traditional industries will be promoted, strategic emerging industries and weak links in the industrial chain will be strengthened. Science and technology policies should focus on improving self-reliance and development.
The government report pointed out that efforts should be made to increase domestic demand. Prioritize consumption recovery and expansion. Increase the income of urban and rural residents through multiple means. Encourage and attract more private capital to participate in the construction of major national projects to stimulate private investment potential. According to the work report, the construction of a modern industrial system should be accelerated. Accelerate the digital transformation of traditional industries and small and medium-sized enterprises, and strive to improve the quality of advanced, intelligent and environmentally friendly industries.
The Chinese Premier said that people’s basic livelihood and the development of social work should be guaranteed. Strengthen the construction of the housing security system, and address the housing problems of new citizens and youth. Promoting high-quality and balanced development of compulsory education and the integration of urban and rural areas, actively organizing professional education, and promoting innovation in higher education are top priorities. Strengthen protection of elderly care services and improve policy systems to support birth rates. Take steps to promote cultural institutions.
