Two Sessions: Short Version of the Government Work Report

1. Overview of past one year’s and past five years’ work 

Overview of past one year’s work 

Gross domestic product (GDP) of the year grew by 3 percent.

Value-added tax (VAT) credit refunds exceeded 2.4 trillion yuan.

More than 32 million people were lifted out of poverty with new employment.

Overview of past five years’ wrok

China's GDP increased to 121 trillion yuan, registering an annual growth rate of 5.2 percent over the past five years.

Annual grain output remained steady at over 650 million metric tons for several consecutive years.

Average yearly urban jobs growth hit more than 12.7 million.

Thanks to eight years of continued efforts, close to 100 million poor rural residents were lifted from poverty.

2. Major taegets of 2023

GDP growth of around 5 percent;

around 12 million new urban jobs;

CPI increase of around 3 percent;

grain output of over 650 million metric tons.

3. Suggestions to government’s work of 2023

Finance: We should enhancing the intensity and effectiveness of our proactive fiscal policy. A deficit-to-GDP ratio of 3 percent has been projected for this year.

Tax: We should extend and further refine policies on tax and fee cuts, tax rebates, and tax deferrals as the situation requires.

Employment: Place a higher priority on promoting the employment of young people, particularly college graduates.

Prevetion and controlling of COVID-19: COVID-19 vaccines should be upgraded and new drugs should be developed. We should ensure people’s access to medicines and medical services to protect their lives and health.

Consumption: We should stabilize spending on big-ticket items and promote recovery in consumption of consumer services.

Government investment: It is proposed that 3.8 trillion yuan be allocated for special-purpose bonds for local governments this year. 

Industry: We should, with a focus on key industrial chains in the manufacturing sector, gather quality resources and make concerted efforts to achieve breakthroughs in core technologies in key fields.

Digital economy: We should strive to develop the digital economy, step up regular oversight, and support the development of the platform economy.

Private economy: We should encourage and support the private sector and private businesses in growing and expanding and support micro, small, and medium enterprises (MSMEs) and self-employed individuals in business development.

Foreign fund investment: We should improve services for foreign-funded companies and facilitate the launch of landmark foreign-funded projects. 

The preventing and refusing of key economic and financial risks: We should ensure effective risk prevention and mitigation in high-quality, leading real estate enterprises, and help them improve debt-to-asset ratios.To prevent and defuse local government debt risks, we should improve the mix of debt maturities, reduce the burden of interest payments, and prevent a build-up of new debts while working to reduce existing ones.

Rural development: Rural industries with local features should be fostered to create more channels for increasing rural incomes.

Green transformation:We should advance energy conservation and carbon reduction in key areas, and continue working to keep our skies blue, waters clear, and lands clean.

Housing: We should improve the housing support system, support people in buying their first homes or improving their housing situation, and help resolve the housing problems of new urban residents and young people.

Education: We should promote high-quality, balanced development and urban-rural integration of compulsory education.

Medical care: We should see that more quality medical resources are channeled toward the community level and more evenly distributed among regions.

Social security: We need to improve elderly care services and refine supporting policies on childbirth.

The development of Hong Kong and Macao: We should support Hong Kong and Macao in growing their economies and improving the lives of their people and maintain long-term prosperity and stability in the two regions.

Taiwan issue: We should keep firm in fighting against separatism, promoting the peaceful development of cross-Strait relations, and guaranteeing the peace and unity of our motherland.