The covid-19 epidemic is the fastest spreading, most extensive, and most challenging public health emergency China has encountered since the founding of the People’s Republic of China. Under the strong leadership of the Central Committee of the Communist Party of China with Comrade Xi Jinping at its core, and through the hard work and sacrifice of our entire nation, we have made major strategic achievements in our response to covid-19. At present, the epidemic has not yet come to an end, while the tasks we face in promoting development are immense. We must redouble our efforts to minimize the losses resulting from the virus and fulfill the main targets and tasks for economic and social development this year.
Main targets and tasks for 2019 were accomplished, laying the crucial foundation needed to reach the goal of building a moderately prosperous society in all respects.
The economy remained stable overall.
GDP reached 99.1 trillion yuan, growing by 6.1%.
13.52 million new urban jobs were added, and the surveyed unemployment rate was below 5.3%.
Consumer prices rose by 2.9%.
A basic equilibrium was maintained in the balance of payments.
The economic structure continued to improve, and the development priorities of regions are better aligned.
New growth drivers became stronger.
Major headway was made in reform and opening-up.
Pivotal progress was achieved in the three critical battles against poverty, pollution, and potential risk.
Living standards continued to improve.
In covid-19 control, we stayed confident, came together in solidarity, adopted a science-based approach, and took targeted measures, carrying out all our work in a solid and meticulous manner. While continuing to advance epidemic control, we have also promoted economic and social development. With 90 policy measures in 8 categories, we have ensured stable supplies and prices and the resumption of work and production in a timely and effective manner.
This year, we must give priority to stabilizing employment and ensuring living standards, win the battle against poverty, and achieve the goal of building a moderately prosperous society in all aspects.
Over 9 million new urban jobs, a surveyed urban unemployment rate of around 6%, and a registered urban unemployment rate of around 5.5%
CPI increase of around 3.5%
More stable and higher-quality imports and exports, and a basic equilibrium in the balance of payments
Growth in personal income that is basically in step with economic growth
Elimination of poverty among all rural residents living below the current poverty line and in all poor counties
Effective prevention and control of major financial risks
A further drop in energy consumption per unit of GDP and the discharge of major pollutants
Accomplishment of the 13th Five-Year Plan
We have not set a specific target for economic growth this year. This is because our country will face some factors that are difficult to predict in its development, due to the great uncertainty regarding the covid-19 pandemic and the world economic and trade environment. Not setting a specific target for economic growth will enable all of us to concentrate on ensuring stability on the six fronts and security in the six areas. Ensuring stable economic performance is of crucial significance. We need to pursue reform and opening up as a means to stabilize employment, ensure people’s wellbeing, stimulate consumption, energize the market, and achieve stable growth. We need to blaze a new path that enables us to respond effectively to shocks and sustain a positive growth cycle.
Pursue a more proactive and impactful fiscal policy
Deficit-to-GDP ratio this year is projected at more than 3.6%, with a deficit increase of 1 trillion yuan over last year.
Issue 1 trillion yuan of government bonds for covid-19 control.
Pursue a prudent monetary policy in a more flexible and appropriate way
Use a variety of tools such as required reserve ratio reductions, interest rate cuts, and re-lending to enable M2 money supply and aggregate financing to grow at notably higher rates than last year.
Strengthen the employment-first policy with comprehensive measures
Strive to keep existing jobs secure, work actively to create new ones, and help unemployed people find work.