Highlights of 2020 Government Work Report

2020-05-22 Editor : Li Yan ECNS App Download
Special: 2020 Two Sessions

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

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

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.

Macro policies

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 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.


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 stresses joint implementation of trade deal with U.S.

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

China stresses 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.

China to firmly safeguard multilateral trading regime

China to stabilize overall performance of foreign trade, investment

People's livelihood

China to increase basic pension for retirees

China to carry out 7th population census

China to restore hog production

China stresses wildlife protection

China to ensure more effective ecological, environmental protection

China to ensure food supply for 1.4 bln people through own efforts

Taiwan, HK and Macao

China resolutely opposes 'Taiwan independence' activities

Central gov't to support HK, Macao in developing economies, improving living standards

On COVID-19 prevention, control

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 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'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.


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