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News Bulletin
(No.3, 2021)
2021/03/09

Report on The Work of The Government Delivered by Premier Li Keqiang at the Fourth Session of the 13th National People's Congress of the People's Republic of China on March 5, 2021 

On March 5, 2021, Premier of the State Council Li Keqiang reported to the 13th National People's Congress of the People's Republic of China on the work of the government. The Highlights of the Report on the Work of the Government 2021 are as follows.

1. Review of Work in 2020

Ø  Economy grew by 2.3 percent year on year.

Ø  The burden on market entities was reduced by more than 2.6 trillion yuan for the year, including 1.7 trillion yuan in social insurance premium cuts and exemptions.

Ø  Inclusive finance lending by large commercial banks to micro and small businesses increased by more than 50 percent. The real economy thus received an infusion of 1.5 trillion yuan from financial institutions.

Ø  A total of 11.86 million urban jobs were added, and the year-end surveyed urban unemployment rate dropped to 5.2 percent.

Ø  Consumer price index (CPI) rose 2.5 percent year on year.

Ø  All remaining poor rural residents, totaling 5.51 million in early 2020, were lifted out of poverty, as were all of China's remaining 52 poor counties.

Ø  All medical bills for treating COVID-19 patients were covered by the government.

2. Major Achievements in the 13th Five-Year Plan Period

Ø  GDP increased from less than 70 trillion yuan ($10.8 trillion) to over 100 trillion yuan.

Ø  China's entire rural poor population, 55.75 million in number, was lifted out of extreme poverty.

Ø  Over 60 million urban jobs were added.

Ø  The world's largest social security system was established.

3. Major Targets for the 14th Five-Year Plan Period

Ø  Improving the quality and effectiveness of development and maintaining sustained and healthy economic growth

Ø  Pursuing innovation-driven development and accelerating modernization of the industrial system

Ø  Creating a robust domestic market and fostering a new development pattern

Ø  Advancing rural revitalization across the board and improving the new urbanization strategy

Ø  Improving regional economic structures and promoting coordinated regional development

Ø  Advancing reform and opening-up across the board and bolstering the momentum and vitality of development

Ø  Promoting green development and ensuring harmony between humanity and nature

Ø  Improving people's wellbeing and striving for common prosperity

Ø  Ensuring both development and security and ushering in a new stage in building a Peaceful China

4. Development Goals for 2021

Ø  Expanding its gross domestic product (GDP) by over six percent

Ø  Creating over 11 million new urban jobs

Ø  A surveyed urban unemployment rate of around 5.5 percent

Ø  Consumer Price Index increasing by around 3 percent

Ø  A drop of around 3 percent in energy consumption per unit of GDP

Ø  Grain output remaining above 650 billion kg

5. Priorities for Work in 2021

Ø  The deficit-to-GDP ratio for the year is set at around 3.2 percent.

Ø  The VAT threshold for small-scale taxpayers will be raised from 100,000 yuan to 150,000 yuan in monthly sales.

Ø  Average rates for broadband and dedicated internet access services for small and medium enterprises will be lowered by another 10 percent.

Ø  Steady increases in spending on home appliances, automobiles, and other big-ticket items are encouraged.

Ø  Time and energy will be fully devoted to making scientific explorations and major breakthroughs in key technologies, just as a blacksmith in the past would spend years forging the perfect sword.

Ø  Efforts will be aligned to consolidate and expand the achievements in poverty alleviation with efforts to promote rural revitalization.

Ø  Efforts will be made toward the early entry into force and implementation of the Regional Comprehensive Economic Partnership Agreement and the signing of the China-EU Comprehensive Agreement on Investment.

Ø  Clean heating will account for 70 percent of all heatings in northern China.

Ø  Major strides in ensuring equitable education will be made.

Ø  Government subsidies for basic medical insurance for rural and non-working urban residents will increase by an average of 30 yuan (about $4) per person, and subsidies for public health services will increase by 5 yuan per person.

Ø  Prominent housing issues in large cities will be addressed. Well-regulated development of the long-term rental housing market will be ensured, and taxes and fees on rental housing will be cut.

Ø  Meticulous preparations for the 2022 Winter Olympics and Paralympics in Beijing will be made.

Ø  The relevant systems and mechanisms of the two special administrative regions for enforcing the Constitution and the basic laws will be improved.

 (End of item)

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