China keeps 2018 GDP target unchanged at around 6.5%
China on Monday set its economy growth rate for 2018 at around 6.5%, which is the same as last year, as the country started its annual parliament session. The session attended by over 2,900 delegates was regarded significant as it is set to endorse the constitutional proposals to remove the two-term limits for President and Vice President. Here's more.
Term limit removal of China's President and Vice President
The removal of the term limit is speculated to enable President Xi Jinping to continue in office as head of the ruling Communist Party of China, Chief of the military, and the largely ceremonial Presidency possibly for life. Xi along with the top leadership of the CPC attended the NPC session at the Great Hall of People which will last for about two weeks.
GDP growth will enable China to achieve relatively full employment
After the ceremonial opening, Premier Li Keqiang readout his annual work report outlining government's achievements last year and targets for this year. Given China's economic fundamentals and capacity for job creation, the GDP growth will enable China to achieve relatively full employment, Li said in his report. Chinese economy which is slowing down every year has registered grew by 6.9% last year.
China aims to create over 11 million urban jobs
China aims to maintain inflation level at around 3% and create over 11 million new urban jobs. The surveyed urban unemployment rate is projected to stay within 5.5%, the registered urban jobless rate within 4.5%, the report showed. The above targets take into consideration the need to secure a decisive victory in building a moderately prosperous society in all respects.
The ability to achieve more sustainable development
Today, China's material and technological foundations are much stronger; its industrial system is complete, its market is vast, its human resources are abundant, and its entrepreneurs and innovators are dynamic. "We enjoy composite advantages, and all this means that we have the ability and the conditions to achieve higher quality, more efficient, fairer, and more sustainable development," Li said in his report.
China plans to expand imports this year
Adding China's plans to expand imports this year, Li said, China will host the first China International Import Expo in 2018 and lower import tariffs on products including automobiles and some everyday consumer goods. "We will open our market wider to promote industrial upgrading and more balanced development of trade, and to provide Chinese consumers with a broader range of choices," he said.
The country will promote consumption upgrading
China will also promote consumption upgrading and develop new forms and models of consumption, extend preferential policies on purchase tax on new-energy vehicles by another three years, and rescind all local policies that restrict sales of non-local second-hand vehicles, Li said. "We will support private actors in providing more services in healthcare, elderly care, education, culture and sports," the report said.
China to also focus on tourism
China will create integrated tourism demonstration zones and lower ticket prices at key state tourist sites. It will promote the healthy development of online shopping and express delivery services. Any behavior that infringes on consumers' rights and interests will be punished in accordance with law without leniency. "We will enable investment to play the pivotal role in improving the supply structure," the report said.
China to follow prudent monetary policy this year
Li said China will follow prudent monetary policy this year. The government will make sure that the valve of the aggregate money supply is well controlled and maintain a moderate growth in M2 monetary supply, credit and aggregate financing. Efforts will be made to ensure a reasonable and stable level of liquidity, and increase the proportion of direct finance, particularly equity finance, he said.
