Over the past five years
The five years since the first session of the 12th National People’s Congress (NPC) have been a truly remarkable five years in the course of our country’s development.
Over the past five years, economic strength has reached a new high. China’s gross domestic product (GDP) has risen from 54 trillion to 82.7 trillion yuan, registering average annual growth of 7.1 percent; and its share in the global economy has grown to roughly 15 percent, up from 11.4 percent. China’s contribution to global growth has exceeded 30 percent.
Government revenue has increased from 11.7 trillion to 17.3 trillion yuan. Consumer prices rose at an average annual rate of 1.9 percent, maintaining a relatively low level of growth. More than 66 million new urban jobs have been added, and our country, with its population of over 1.3 billion, had achieved relatively full employment.
Over the past five years, the structure of the Chinese economy has seen a major transformation and innovation-driven development has yielded fruitful outcomes.
In manned spaceflight, deep-water exploration, quantum communications, large aircraft development, and more, China has seen a stream of major outcomes of innovation.
In high-speed rail, e-commerce, mobile payments, and the sharing economy, China is leading the world.
Over the past five years, significant headway has been made in reform and opening up. In reform, we have made strong moves across the board, secured major advances in many areas, and driven deeper in pursuing progress, making breakthroughs in reforms in important fields and key links.
The Belt and Road Initiative has been making major progress. The composition of both Chinese foreign trade and foreign investment in China has been improved, with volumes ranking among the largest in the world.
Over the past five years, living standards have been constantly improving. We have made decisive progress in the fight against poverty: More than 68 million people have been lifted out of poverty, including a total of 8.3 million relocated from inhospitable areas, and the poverty headcount ratio has dropped from 10.2 to 3.1 percent.
Personal income has increased by an annual average of 7.4 percent, outpacing economic growth and creating the world’s largest middle-income group. Tourist departures have grown from 83 million to over 130 million.
Social old-age pension schemes now cover more than 900 million people, and the basic health insurance plans cover 1.35 billion people, forming the largest social safety net in the world.
Over the past five years, the environment has seen gradual improvement. To address air, water, and soil pollution, we have designed and enforced a ten-point list of measures for each and achieved solid progress.
In the year just passed, all main targets and tasks for economic and social development were accomplished and performance has exceeded expectations.
GDP grew 6.9 percent and personal income rose 7.3 percent, both beating the previous year’s growth rates.
Around 13.51 million new urban jobs were created, and the jobless rate was the lowest in recent years.
Industrial growth began to rebound, and corporate profits increased 21 percent. Government revenue grew 7.4 percent, reversing the slowdown in growth.
The total import and export value rose 14.2 percent. Inward foreign investment reached $136.3 billion, hitting a new all-time high.
The state of play in the economy was good, with growth and quality, structural improvement, and performance each reinforcing the other.
Over the past five years, the ground breaking achievements made on every front and the profound and fundamental changes that have taken place, have attracted global attention and are the pride and inspiration of all of us in China.
With a commitment to the general principle of pursuing process while ensuring stability, we have focused on developing new and better approaches to macro regulation, kept major indicators within an appropriate range, and achieved stable, positive economic performance.
With a commitment to treating supply-side structural reform as our main task, we have focused on fostering new growth drivers to speed up economic structural upgrading.
With a commitment to innovation-driven development, and a focus on unlocking public creativity, we have achieved a remarkable improvement in our general capacity for making innovations and for seeing that innovation delivers.
With a commitment to deepening reform across the board, we have taken major steps to remove institutional barriers, thus steadily boosting the driving forces powering development.
With a commitment to China’s fundamental policy of opening up, we have focused on promoting win-win cooperation, and significantly improved the performance of our country’s open economy.
With a commitment to implementing the coordinated regional development and new urbanization strategies, we have promoted more balanced development, and seen new growth poles and belts developing faster.
With a commitment to a people-centered development philosophy, we have endeavored to ensure and improve living standards and seen the growing satisfaction of the people.
With a commitment to achieving harmony between human and nature, we have taken major steps to address pollution, and achieved notable progress in ecological conservation.
With a commitment to fully performing government functions in accordance with law, we have focused on enhancing and developing new forms of social governance, and ensured social harmony and stability.
The overall requirements and policy direction for economic and social development in 2018.
GDP growth of around 6.5 percent
CPI increase of around 3 percent
Over 11 million new urban jobs, the surveyed urban unemployment rate within 5.5 percent, and the registered urban jobless rate within 4.5 percent.
Basic parity in personal income growth and economic growth
A steady rise in import and export volumes, and a basic equilibrium in the balance of payments
A drop of at least 3 percent in energy consumption per unit of GDP, and continued reductions in the release of major pollutants
Substantive progress in supply-side structural reform, basically stable macro leverage, and systematic and effective prevention and control of risk
The proactive direction of our fiscal policy will remain the same, and we will concentrate efforts to increase efficiency.
Our prudent monetary policy will remain neutral, with easing or tightening only as appropriate.
For government to deliver this year, we must act on Xi Jinping’s economic thinking for new-era socialism with Chinese characteristics, continue following the general principle of pursuing progress while ensuring stability, and regard stability and progress as being indivisible. Specifically, we will do the following:
First, we will strongly promote high-quality development.
Second, we will be bolder in reform and opening up.
Third, we will ensure success in the three critical battles against potential risk, poverty, and pollution, battles that are important for decisively bringing to completion the building of a moderately prosperous society in all respects.
What we propose for the work of government in 2018.
Stepping up supply-side structural reform
Moving faster to make China a country of innovators
The latest global revolution in science and technology and industrial transformation are trends we must be on board with. We will do more in implementing the innovation-driven development strategy, and keep on making the Chinese economy more innovative and competitive.
We will improve national innovation systems.
We will strengthen efforts to reduce smog and prevent and cure cancers and other serious diseases, thus making science and technology do more to benefit the people.
We will act on and improve policies that stimulate innovation.
We will see the nationwide business startup and innovation drive is taken to the next level.
Deepening reforms in fundamental and key areas
Fighting three critical battles
Making strong moves in the rural revitalization strategy
Making solid progress in the coordinated regional development strategy
Actively increasing consumption and promoting effective investment
Creating a new landscape in all-around opening up
Doing more to ensure and improve people’s wellbeing