No GDP Target for 2020, Rural Poverty Eradication and Trillion Yuan Deficit Increase: China’s 2020 Government Work Report

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Premier Li Keqiang delivered the Government Work Report (政府工作报告) at China’s Two Sessions congressional meeting on 22 May.

Key highlights from the report were as follows:

Key targets for 2020:

  • No full-year GDP growth targets will be set for 2020.
  • An urban employment increase of at least 9 million, with an urban surveyed unemployment rate of around 6%.
  • Complete poverty alleviation for the indigent populations of rural villages. No more indigent rural counties in China.

Key work points for 2020

  • Active fiscal policy will become more active.
  • Stable monetary policy will be more flexible.
  • Formulation of the 14th Five Year Plan.

Other highlights are as follows:

  • The fiscal deficit will increase by one trillion yuan compared to last year, with the issuance of one trillion yuan in disease-prevention special sovereign bonds.
  • Beijing forecasts a reduction in taxes and administrative fees for enterprises of over 2.5 trillion yuan.
  • Support for e-commerce, express delivery to rural villages, and expansion of 5G applications.
  • Local government special bonds of 3.75 trillion yuan, a central government budget outlining investment of 600 billion yuan.
  • Growth in financial inclusion lending to micro and small-enterprises by large-scale commercial banks of no less than 40%.
  • Expansion in the scale of enrolment from rural villages and impoverished areas by tertiary institutions.
  • Jointly implementing the first phase trade agreement with the United States.
  • With regard to Hong Kong, Macau and Taiwan, the establishment of legal systems and execution mechanisms for preserving national security in special administrative zones.
  • Increasing disease prevention capability and firmly preventing a rebound in COVID-19. Implementing a raft of policies to support the development of Hubei province.

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