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 according to the report submitted to the national legislature for deliberation:
Main targets for 2020
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 will prioritize stabilizing employment and ensuring people's livelihood this year, aiming to create more than 9 million new urban jobs.
China has set its consumer inflation target at around 3.5 percent for the year of 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 will pursue a prudent monetary policy in a more flexible and appropriate way.
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 aims to reduce corporate burden by more than 2.5 trillion yuan (about $353 billion) throughout the year.
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 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.
China will establish new pilot free trade zones (FTZs) and integrated bonded areas in the country's central and western regions.
China will significantly shorten its negative list for foreign investment.
China has stressed the joint implementation of the China-US phase-one economic and trade agreement.
China will focus on high-quality joint building of the Belt and Road, and carry out mutually beneficial cooperation.
Taiwan, HK and Macao
On 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 plans to issue 1 trillion yuan (about $141 billion) of government bonds for COVID-19 control.
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 redouble its efforts to minimize the losses resulting from COVID-19 and fulfill the targets and tasks for economic and social development this year.