China Issues Gov't Work Report for 2018

The government work report delivered by on March 5 reviewed the achievements made over the past five years, and announced projected targets for the next 12 months.

Let’s take a look at some of the key points mentioned in the report.

Our achievements made over past five years

China's gross domestic product (GDP) has risen from 54 trillion yuan (U.S.$7.8 trillion) to 82.7 trillion yuan (U.S.$ 12 trillion); more than 66 million new urban jobs have been added; basic health insurance plans have covered 1.35 billion people; more than 68 million have been lifted out of poverty; and, the number of days with heavy air pollution has fallen 50 percent in key cities.

In addition, in high-speed rail, e-commerce, mobile payments and the sharing economy, China is leading the world.

Projected targets for development

The government will make sure the GDP improves by around 6.5 percent, whilst the consumer price index () will increase only by around 3 percent.

Over 11 million new urban jobs will be added and the surveyed urban unemployment rate will be kept within 5.5 percent.

Energy consumption per unit of will be reduced by at least 3 percent.

The government will also make sure there is basic parity in personal income growth and economic growth.

Important goals in other areas

For education, the government will lower the dropout rate in rural areas, making efforts to alleviate burdens for young students.

For public hospitals, the government will raise basic medical insurance and serious disease insurance benefits. Per capita subsidies for basic health insurance for rural and non-working urban residents will be increased by 40 yuan (U.S.$ 5.8).

The government will expand coverage of on-the-spot settlement of medical bills through basic insurance accounts.

To cut overcapacity, the government will reduce steel production capacity by 30 million tons, and cut coal production capacity by 150 million tons.

To cut costs, the government will reduce taxes on businesses and individuals by more than 800 billion yuan (U.S.$ 116.2 billion).

Fighting some critical battles

There will be a serious crackdown on activities that violate the law such as illegal fundraising and financial fraud. The central government will forestall and defuse local government debt risks, and further reduce the number of rural people in poverty by over 10 million.

Sulfur dioxide and nitrogen oxide emissions will be cut by 3 percent. Importing “foreign waste” will be prohibited.

In addition, the tax incentive policy will be extended for three years on the purchase of new energy vehicles. The price of entry tickets in some key state-owned scenic spots will be lowered.

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