What is China going to accomplish in 2020?

• No specific target for economic growth

Not setting a specific target for economic growth will enable all of us to concentrate on ensuring stability on the six fronts and security in the six areas.

• Over 9 million new urban job;
• CPI increase of around 3.5%;
• More stable and higher-quality imports and exports, and a basic equilibrium in the balance of payments;
• Growth in personal income that is basically in step with economic growth;
• Elimination of poverty among all rural residents living below the current poverty line and in all poor counties;
• Effective prevention and control of major financial risks;
• A further drop in energy consumption per unit of GDP and the discharge of major pollutants;
• Accomplishment of the 13th Five-Year Plan.

• Increase credit supply, extend the coverage of export credit insurance
• Lower compliance costs for imports and exports
• Make good preparations for the third China International Import Expo
• Shorten the negative list for foreign investment
• Open new free trade zones
• Advance free trade negotiations with Japan and the Republic of Korea as well as other countries
• Work with the United States to implement the phase one China-US economic and trade agreement

• Reform the system for disease prevention and control
• Improve mechanisms for direct reporting and early warning of infectious diseases
• Increase inputs into the R&D of vaccines, medicines, and rapid testing technologies
• Raise government subsidies for basic medical insurance for rural and nonworking urban residents by an average of 30 yuan per person
• Pilot inter-provincial on the spot settlement of outpatient bills through basic medical insurance accounts
• Promote development of traditional Chinese medicine.

• The deficit to GDP ratio this year is projected at more than 3.6%, with a deficit increase of 1 trillion yuan over last year.
• One trillion yuan of government bonds for COVID19 control will be issued.
• The central government will commit to negative growth in its budgetary spending, with a more than 50% cut to outlays on nonessential and non-obligatory items.

• Enable M2 money supply and aggregate financing to grow at notably higher rates than last year
• Promote steady reduction of interest rates

• Provide more than 35 million vocational skills training opportunities
• Enrollment in vocational colleges will grow by 2 million

• Ensure all remaining poor people are lifted out of poverty
• Deepen collaboration on poverty alleviation between the eastern and western regions
• Conduct nationwide poverty reduction survey

• Additional savings of more than 2.5 trillion yuan for enterprises throughout the year
• Further tax and fee cuts of about 500 billion yuan
• Extend the policy of 5% reduction in electricity prices for general industrial and commercial businesses till the end of the year
• 15% rate cuts for broadband and dedicated Internet access service

• Lower or exempt rents for state-owned premises

• The policy allowing micro, small, and medium businesses to postpone principal and interest repayments on loans will be extended till the end of next March
• Encourage banks to substantially increase credit loans, first-time loans, and loan renewals without repayment of principal for micro and small businesses
• Location restrictions on business registration applying to micro and small enterprises and self-employed people will be relaxed
• Large commercial banks should increase inclusive finance lending to micro and small businesses by more than 40%.
• Markedly increase medium and long-term loans to manufacturers
• Support the growth of venture capital investment and increase guaranteed loans for start-ups

• Access more government services via a single website and complete all procedures for starting a business online
• Reform the ChiNext stock market and pilot a registration-based IPO system
• Improve the system of state capital regulation and intensify mixed ownership reform of SOEs
• Accelerate the development of national laboratories

• Support the recovery and development of consumer services

• Promote the integration of online and offline consumption
• Develop elderly and child care services
• Upgrade pedestrian streets
• Roll out e-commerce and express delivery services in rural areas to expand rural consumption

• Issue 3.75 trillion yuan of special local government bonds, up 1.6 trillion yuan from last year
• Embark 600 billion yuan for investment in the central government budget
• Priority will be given to:
• New infrastructure: next-generation information networks, 5G applications, charging facilities for new-energy automobiles
• New urbanization initiatives: improving public facilities and services in county seats, renovation of 39,000 old urban residential communities, installation of elevators in residential buildings
• Major projects: transportation and water conservancy projects, national railway development capital up by 100 billion yuan.

• Step up construction of sewage and garbage treatment facilities

• Accelerate relocation and transformation of producers of hazardous chemical products
• Severely punish illegal hunting and trading of wild animals

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