See here a very well done overview, with many thanks to The World Bank office in Beijing that graciously distributed the Bloomberg overview.
No comments needed…
Key Points of China’s Government Work Report: Full Text
By Bloomberg NewsC/O World Bank
The following is the full text of a summary of China’s Report on the Work of the Government distributed 11 March 2016 at the annual meeting of the legislature in Beijing:
- China’s Economic and Social Development in 2015
- The main tasks and targets for the year were fulfilled
- Progress was achieved and stability ensured in economic and social development
- GDP reached 67.7 trillion yuan, representing an increase of 6.7% over 2014–a growth rate faster than that of most other major economies
- Consumer prices grew slowly
- A total of 13.12 million new urban jobs were created
- The service sector as a proportion of GDP rose to 50.5%
- The contribution of consumption toward economic growth reached 66.4%
- Energy consumption per unit of GDP fell by 5.6%
- The number of newly registered businesses rose by 21.6%, or an average of 12,000 new businesses per day
- Personal disposable income per capita increased by 7.4% in real terms
- The number of rural residents living in poverty was reduced by 14.42 million
- Main Targets for 13th Five-Year Plan Period (2016-2020)
- Double the 2010 GDP and per capita personal income.
- Annual GDP growth: 6.5% or above.
- R&D spending: 2.5% of GDP
- Science and technology’s contribution to economic growth: 60%
- Permanent urban residents: 60% of the total population.
- Registered permanent urban residents: 45% of the total population.
- High-speed railways in service:30,000 km, linking 80% of big cities.
- Expressways built or upgraded: 30,000 km
- Full coverage of access to broadband networks
- Improvements to the environment
- Water consumption per unit of GDP: Down 23%
- Energy consumption per unit of GDP: down 15%
- Carbon dioxide emissions: down 18%
- Lift all rural residents falling below the poverty line out of poverty
- New urban jobs: more than 50 million
- Housing units rebuilt in rundown urban areas: 20 million
- Major Areas for Work 2016
3.1 Main development targets
- GDP growth: 6.5%-7%
- CPI increase: approx. 3%
- New urban jobs: more than 10 million
- Registered urban unemployment rate: within 4.5%
- Steady increases in imports and exports
- A basic balance in international payments
- Increases in personal income basically in step with economic growth
- Energy consumption per unit of GDP: down more than 3.4%
- Further reductions in the release of major pollutants
3.2 Macroeconomic policies
- Implement proactive fiscal policy and prudent monetary policy
- Deficit: 2.18 trillion yuan
- Deficit-to-GDP ratio: 3%
- Special bonds for local governments: 400 billion yuan
- Continue to issue local government debt-converting bonds
- Replace business tax with VAT in all sectors
- M2 money supply growth: approx. 13%
- Aggregate financing growth: approx. 13%
- Reform the modern financial regulatory system
- Keep the RMB exchange rate generally stable at an appropriate and balanced level
3.3 Supply-side structural reform
- Cancel the requirement of government review for more matters
- Pilot a negative list for market access
- Implement the strategy of innovation-driven development
- Encourage business startups and innovation
- Strengthen protection of intellectual property rights
- Address overcapacity in the steel and coal industries
- Improve SOE performance
- Diversity types of SOE equity
- Protect the property rights of entities under all forms of ownership
- Energize the non-public sector
3.4 Domestic demand
- Support the growth of consumption in elderly care, health, housekeeping, education, training, cultural, and sports services
- Strengthen the growth of emerging areas of consumption such as information goods and services, smart homes, and personalized fashion
- Cut tariffs on some consumer goods
- Increase the number of duty-free stores
- Speed up tourism development
- Invest more than 800 billion yuan in railway construction
- Invest 1.65 trillion yuan in road construction
- Start construction on 20 water conservancy projects
- Develop hydropower, nuclear power, ultra high-voltage power transmission, smart grids, pipelines for oil and gas transmission, and urban rail transit
- Improve the PPP model to stimulate private investment
- Advance new urbanization
- Grant urban residency to more people with rural household registration
- Reform the household registration system
- Implement the residence card system
3.5 Opening up
- Move ahead with the Belt and Road Initiative
- Promote innovation-driven development of foreign trade
- Launch trials in the area of trade in services
- Adopt a more proactive import policy
- Increase the import of advanced technology and equipment, key spare parts and components, and energy and raw materials in short supply in China
- Continue to relax market access restrictions on investment
- Further open up the services sector and the general manufacturing sector
- Simplify procedures for establishing overseas-funded enterprise
- Establish more pilot free trade zones
- Achieve greater industrial-capacity cooperation with other countries
- Accelerate implementation of the free trade area strategy
- Negotiate on the RCEP agreement
- Negotiate on the China-Japan-ROK free trade agreement
- Negotiate on investment agreements between China and the United States and between China and the European Union