Briefed review and prospect from Premier Li Keqiang’s Government Report
Mar 06, 2017 ｜ by China Textile
Chinese Premier Li Keqiang delivered a government work report during the opening meeting of the fifth session of China’s 12th National People’s Congress (NPC) in Beijing, capital of China, March 5, 2017.
Review 2016
Major Accomplishment:
❶ GDP reached 74.4 trillion yuan, representing 6.7-percent growth, and seeing China outpace most other economies.
❷ The registered urban unemployment rate stood at 4.02 percent at year-end 2016, the lowest level in years.
❸ The tax burden of business for the year was slashed by over 570 billion yuan and tax burdens were reduced in every sector.
❹ Another seven pilot zones were established.
❺ We saw a 9.1-percent drop in the annual average density of fine particulate matter (PM2.5) in 74 key cities.
Forecast 2017
Main expected targets:
▌ GDP growth of around 6.5 percent, or higher if possible in practice;
▌ CPI increase kept at around 3 percent;
▌ Over 11 million new urban jobs, and a registered urban unemployment rate within 4.5 percent;
▌ A steady rise in import and export volumes, and a basic balance in international payments;
▌ Increases in personal income basically in step with economic growth;
▌ A reduction of at least 3.4 percent in energy consumption per unit of GDP, and continued reductions in the release of major pollutants.
Focus:
▌ cut overcapacity
This year, we will further reduce steel production capacity by around 50 million metric tons and shut down at least 150 million metric tons of coal production facilities.
▌ cut excess urban real estate inventory
At present, there is still excess supply in the real estate markets of third- and fourth-tier cities. We will support both local and new residents in buying homes for personal use.
Cities that are under big pressure from rising housing prices need to increase as appropriate the supply of land for residential use.
▌ cut costs
More small businesses with low profits will enjoy halved corporate income tax.
▌reform of SOEs
This year we will basically complete the introduction of corporate systems into SOEs.
We will deepen reform to establish mixed ownership systems, and make substantive progress in industries including electric power, petroleum, natural gas, railways, civil aviation, telecommunications, and defense.
▌consumption
We will see that communities and rural areas have better access to e-commerce and express delivery services;
More products sold domestically should be produced on the same production lines, meet the same standards, and be of the same quality as products for export in order to better satisfy the needs of upgrading consumption.
▌investment
This year, we will invest 800 billion yuan in railway construction and 1.8 trillion yuan in highway and waterway projects.
▌ environmental protection
This year, we will see that sulfur dioxide and nitrogen oxide emissions are both cut by 3 percent and that fine particulate matter (PM2.5) density in key areas falls markedly.
▌ healthcare
We will accelerate the building of a nationwide information network for basic health insurance so that healthcare costs can be settled directly where incurred.
ALL COMMENTS
