Highlights of 2020 Government Work Report

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

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:

Main targets for 2020

- 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.

- Over 9m new urban jobs

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

- CPI increase of around 3.5%

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

- Eliminate rural poverty

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

- Deficit-to-GDP ratio target at over 3.6%

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.

- Prudent monetary policy

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

Macro policies

- Reducing 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.

- 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.

- 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.

Opening-up

- Shorten negative list for foreign investment

China will significantly shorten its negative list for foreign investment.

- Joint implementation of trade deal with US

China has stressed the joint implementation of the China-US phase-one economic and trade agreement.

- High-quality joint building of Belt and Road

China will focus on high-quality joint building of the Belt and Road, and carry out mutually beneficial cooperation.

On people's livelihood

- Increase in basic pension for retirees

China will increase the basic pension for retirees and the minimum basic old-age pension for rural and non-working urban residents.

China will ensure the payments of pension fund on time and in full to nearly 300 million people, the report said.

On Taiwan, HK and Macao

- Resolutely oppose "Taiwan independence" activities

China will resolutely oppose and deter any separatist activities seeking "Taiwan independence".

China will improve institutional arrangements, policies and measures to encourage cross-Strait exchanges and cooperation, deepen cross-Straits integrated development and protect the wellbeing of Taiwan compatriots.

- Central govt to support HK, Macao in developing economies, improving living standards

The Chinese central government will support the country's Hong Kong and Macao special administrative regions in developing the economies and improving living standards.

Support will be offered to Hong Kong and Macao to better integrate their development into the overall development of the country and help them maintain long-term prosperity and stability.

On COVID-19 prevention, control

- International cooperation

China stands ready to work with other countries to strengthen international cooperation on epidemic control.

In the face of global challenges including public health crisis and severe economic recession, all countries should work together.

- 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.

- 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 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.

- 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.

Full Text Report on the Work of the Government 2020.pdf