What is China going to accomplish in 2020?
19:11 UTC+8, 2020-05-24
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Instead of a forecast with specific figures, the nation may better focus its resources on stabilizing employment and safeguarding livelihoods this year.
19:11 UTC+8, 2020-05-24
0
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/71819b7a-2701-4d05-b232-53585d0b8ca1_0.jpg)
- 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.
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/fa01fca3-7d88-4e6a-bf5d-b359212ceead_0.jpg)
- 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.
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/70844e3c-1411-4795-bb89-08b6afb77232_0.jpg)
- 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
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/f3879e4d-be84-43a0-8b15-c43b135e02a3_0.jpg)
- 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.
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/5236a531-b565-475b-8d93-6b6d5b535d02_0.jpg)
- 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.
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/5296bd39-0d22-40b4-a6e1-1c82e5613f56_0.jpg)
- Enable M2 money supply and aggregate financing to grow at notably higher rates than last year
- Promote steady reduction of interest rates
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/2d6d8aba-356f-45f6-82d1-bb1486ff4410_0.jpg)
- Provide more than 35 million vocational skills training opportunities
- Enrollment in vocational colleges will grow by 2 million
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/d5282f2e-e15d-4d59-bf4d-20be6f81e33b_0.jpg)
- 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
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/f2fbfa3f-3445-43c6-b8b5-2cb800cb3cb9_0.jpg)
- 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
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/3a16cffa-96e3-415a-a194-f0425b2e6925_0.jpg)
- 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
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/c7dd361e-1257-4cae-a034-f4906178a659_0.jpg)
- 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
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/232f23a8-9cbd-48d3-bd36-6e48059c6110_0.jpg)
- 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
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/d20a8080-e7ba-4c92-9d85-08c8c10942b8_0.jpg)
- 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.
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/2f4f30d5-a24e-4dae-a725-e659845fa372_0.jpg)
- 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
Related story:
![What is China going to accomplish in 2020?](https://obj.shine.cn/files/2020/05/24/0eb0e44c-ae18-4833-a3e0-39f155c2147d_0.jpg)
Source: SHINE
Editor: Shen Ke
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