Abdul Wajid Khan,
Beijing, (Parliament Times): China will continue to pursue stable economic growth this year, setting its GDP growth target at around 6.5 percent and reducing its fiscal deficit ratio target to 2.6 percent.
Chinise Prime Minister Li Keqiang has said that China will advance international cooperation under Belt and Road Initiative and added that China set to continue work on building major international corridors in cooperation with other countries. Chinese Premier Li Keqiang delivered a government work report to the first session of the 13th National People’s Congress (NPC) on Monday, outlining achievements made over the past five years and setting out targets for this year. The work report laid out a number of targets, particularly focusing on three critical battles of defusing major risks, fighting poverty and addressing pollution. To achieve these goals, Li emphasized the importance of adhering to CPC’s leadership while ensuring that development is of high quality. Li said China’s economy was in a pivotal period in the transformation of its growth model, and outlined how the country would continue to develop its ongoing supply-side reform, while reiterating China’s commitment to economic globalization. Thirty million tons of excess steel capacity and 150 million tons of ineffective coal capacity will be cut this year, while taxes on businesses and individuals will be reduced by more than 800 billion yuan (126.4 billion US dollars). China’s general manufacturing sector will be completely opened up, with Li calling for China to provide a world-class business environment as support continues for steady growth in foreign investment.
In terms of international trade, Li spoke out against protectionism and said China would resolutely safeguard its lawful rights, while calling for any disputes over trade to be settled through discussion as equals. On March 11, NPC deputies are set to vote on amendments to 21 items in China’s Constitution, including writing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and adding a sentence stressing the Party’s leadership into the Constitution. Li called on all government employees to keep their hands clean and work hard for the people, while warning that officials who talk big and set ambitious goals but take little action will not be tolerated. At the 19th CPC National Congress, one of the major takeaways was China’s commitment to completely eliminating poverty by 2020. The premier called for measures to be tailor-made towards individuals and individual households, while identifying corruption and misconduct in poverty alleviation as issues that need to be seriously targeted. Average personal incomes have grown by 7.4 percent in the last five years, creating the largest middle-income group in the world. For 2018, Li laid out plans for personal income growth to achieve basic parity with economic expansion, while setting a target of creating 11 million new jobs.
Li vowed there would be greater progress in the fight against pollution this year, with the steel sector and other industries earmarked for upgrades to achieve ultra-low emissions. Diesel trucks will be targeted in a special program that will aim to reduce exhaust emissions. Li said China has basically achieved its goal of reducing the armed forces by 300,000 troops, while embarking on a new stage in strengthening and energizing the armed forces. Li pointed to profound changes in the national security environment as he explained how the country will strengthen its armed forces and advance all aspects of military training and war preparedness.