Premier Li outlines major social, economic objectives for China’s 14th FYP period

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Chinese Premier, Li Keqiang, has outlined major social and economic objectives for the 14th Five-Year Plan (FYP) period when delivering a report on the government’s work during the fourth session of the 13th National People’s Congress on Friday.

The country has drawn up the draft Outline for the 14th FYP for Economic and Social Development and the Long-Range Objectives through the Year 2035, Li said.

The world’s economic powerhouse is pursuing a growth target of more than six per cent in 2021, according to its premier.

The International Monetary Fund predicted that the global economy would grow by 5.5 per cent in 2021, with India’s GDP forecast to grow by 11.5 per cent, and China’s to increase by 8.1 per cent.

China reported Gross Domestic Product rose 2.3 per cent last year, which was the only major economy to expand during the coronavirus pandemic as the rest of the world fell into economic recession.

Growth accelerated to 6.5 per cent over a year earlier in the final quarter of 2020 as the US, Europe and Japan failed to combat renewed coronavirus outbreaks.

The ruling Communist Party’s latest five-year development blueprint details making China a self-reliant “technology power” as this year’s top economic priority.

The party sees “scientific and technological self-reliance as a strategic support for national development”, Li said.

He also announced the growth target in a government work report delivered at the opening ceremony of the National People’s Congress.

The meeting is part of Beijing’sTwo Sessions’ parliamentary gathering, which sets the country’s economic and political priorities for 2021.

Around 3,000 delegates gathered for its annual two-week meeting, the year’s highest-profile political event.

Presenting his annual budget for the world’s second-largest economy, Li also announced plans to create 11 million jobs, an increase on last year’s 9 million jobs target.

China set an urban unemployment target of 5.5 per cent.

The premier was positive about China’s economic prosperity while noting areas of weakness such as “impediments” to consumer spending, tough conditions for small businesses and mounting pressure in maintaining stable employment.

Li also said China was “actively considering” joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (formerly known as the Trans-Pacific Partnership) free trade deal and will work to accelerate free trade negotiations with Japan and South Korea.

He promised to pursue “green development” following President Xi Jinping’s pledge last year to ensure China’s carbon emissions peak by 2030 and to achieve carbon neutrality by 2060.

That will require sharp increases in clean and renewable energy in an economy that gets 60 per cent of its power from coal and is the world’s biggest source of climate-changing industrial pollution.

“We will expedite the transition of China’s growth model to one of green development and promote both high-quality economic growth and high-standard environmental protection,” Li said, promising to reduce carbon emissions and energy use per unit of economic output.

Here are the major takeaways from Li’s remark:

China sets its GDP growth target for 2021 at above 6 percent.

China plans to create more than 11 million new jobs in 2021.

China to maintain its CPI at around 3 percent in 2021.

China plans to cut the ratio of its deficit to GDP to around 3.2 percent for the year of 2021.

China to cut energy consumption per unit of GDP by around 3 percent in 2021.

China to expand effective investment this year, with a central investment budget of 610 billion yuan (about $94 billion).

China to hold key exhibitions including the China International Import Expo, the China Import and Export Fair, and the China International Fair for Trade in Services.

China to make meticulous preparations for Beijing Winter Olympics.

 

Policies for 2021

China to accelerate trade of energy-consumption, carbon-emission rights.

China to promote COVID-19 vaccine development, free inoculation.

China to prevent mass return to poverty and fully implement rural vitalization strategy.

China to further transform government functions in 2021.

China to step up pollution control.

China to actively promote the development of nuclear power on the premise of safety.

China to advance building of healthcare system.

China to revitalize, develop traditional medicine.

China to boost smart services for elderly.

China to do more to ensure education fairness.

China to improve regional economic structures.

China not to make sharp changes to its macro-policies in 2021.

China to adopt a prudent monetary policy that is flexible, precise, appropriate and moderate in 2021.

China to improve, implement tax-cut policies in 2021.

China to enhance job-priority policies in 2021.

China to keep renminbi basically stable at reasonable, balanced level in 2021.

China to create world-class business environment.

China to further shorten negative list for foreign investment.

China vows to protect legitimate rights of foreign companies.

China to strengthen anti-monopoly efforts and contain disorderly expansion of capital, and ensure fair market competition.

 

‘One country, two systems’.

China to continue to fully, faithfully implement “one country, two systems”.

China to improve systems, mechanisms in its SARs.

China to promote exchanges, cooperation and integrated development across the Taiwan Straits.

China to resolutely deter “Taiwan independence” separatist activities.

 

14th Five-Year Plan (2021-2025)

China to keep its economy running within an appropriate range.

China to implement a state strategy in active response to population aging.

China’s R&D spending to grow by over 7 percent annually.

China to stick to the innovation-driven development strategy and accelerate the building of a modern industrial system.

China to foster a world-class business environment.

The life expectancy of Chinese citizens to increase by one year during the 14th Five-Year Plan period.

China to promote green development during 14th Five-Year Plan period.

China to continuously improve living standards of its citizens and solidly promote common prosperity during the 14th Five-Year Plan period.

China to promote the high-quality development of the Belt and Road during the 14th Five-Year Plan period.

China to advance the reform and opening up across the board, and bolster the momentum and vitality of development during the 14th Five-Year-Plan period.

China to advance rural vitalization on all fronts and improve the new urbanization strategy during the 14th Five-Year Plan period.

China to develop a strong domestic market and foster a new development paradigm during the 14th Five-Year Plan period.

China to push forward the Peaceful China initiative on a higher level during the 14th Five-Year Plan period.

China to make concrete efforts to achieve the peaking of carbon emissions by 2030 and carbon-neutrality by 2060.

 

Global partnerships

China to promote Sino-US trade ties on basis of mutual respect.

China to pursue high-level opening-up.

China to actively participate in intl cooperation in major infectious disease prevention, control.

China to quicken China-Japan-ROK FTA negotiations.

China to promote signing of China-EU investment treaty.

China to work for the early entry into force and implementation of the Regional Comprehensive Economic Partnership Agreement.

China actively considers joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

China to firmly upholds multilateral trade regime.

China to deepen bilateral, multilateral and regional economic cooperation.

China to promote fairer, more equitable development of global governance system.

China to launch more pilot programs on service opening-up.

China to build network of high-standard free trade zones.

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