Key Words of the Two Ses­sions GDP

China's Foreign Trade (English) - - Special Report -

It is pro­posed in the Re­port on the Work of the Gov­ern­ment that we have set the fol­low­ing pro­jected tar­gets for devel­op­ment this year — GDP growth of around 6.5%; CPI in­crease of around 3%; over 11 mil­lion new ur­ban jobs, a sur­veyed ur­ban un­em­ploy­ment rate within 5.5%, and a reg­is­tered ur­ban jobless rate within 4.5%; ba­sic par­ity in per­sonal in­come growth and economic growth; a steady rise in vol­umes of im­ports and ex­ports, and a ba­sic equi­lib­rium in the bal­ance of pay­ments; a drop of at least 3% in en­ergy con­sump­tion per unit of GDP, and con­tin­ued re­duc­tions in the re­lease of ma­jor pol­lu­tants; sub­stan­tive progress in sup­ply-side struc­tural re­form, sta­ble macro lever­age, and sys­tem­atic and ef­fec­tive preven­tion and con­trol of risk.

In the first two months of 2018, economic data shows a good start of the na­tional econ­omy. The over­all econ­omy main­tained steady per­for­mance and good growth mo­men­tum, with which we have the pos­si­bil­ity and con­fi­dence to achieve the GDP growth tar­get of about 6.5% and ad­e­quate em­ploy­ment.

In re­cent years, China’s na­tional econ­omy has been de­vel­op­ing in an in­creas­ingly sta­ble way. The low­est growth rate of GDP in the past five years was 6.7%, and the high­est, 7.8 %, from which we can see that the volatil­ity of GDP growth is sig­nif­i­cantly re­duced. Es­pe­cially in the last ten quar­ters, the growth rate swung be­tween 6.7% and 6.9%. This shows that the in­trin­sic char­ac­ter­is­tics of the econ­omy de­ter­mine the in­creas­ing steadi­ness of econ­omy op­er­a­tion. From this per­spec­tive, we are able to achieve GDP growth of around 6.5%.

From the per­spec­tive of ne­ces­sity, we are de­ter­mined to achieve our goal of dou­bling the GDP of 2010 by 2020, as well as the per capita dis­pos­able in­come of ur­ban res­i­dents of 2010 by 2020. To make this hap­pen, we only need to keep the aver­age GDP growth rate above 6.3% in the next three years and the in­come growth rate above 4.7%. Given th­ese tar­gets, there is no prob­lem achiev­ing our goal with a GDP growth of around 6.5%.

With the con­tin­u­ous op­ti­miza­tion and read­just­ment of the economic struc­ture and the ac­cel­er­ated devel­op­ment of the ser­vice in­dus­try, the em­ploy­ment elas­tic­ity of the over­all economic devel­op­ment is im­prov­ing, less re­ly­ing on the economic growth. Thus an ex­pected GDP growth of around 6.5% can bet­ter solve and sta­bi­lize the so­cial em­ploy­ment prob­lem, guid­ing all par­ties to fo­cus more on push­ing economic re­struc­tur­ing, trans­form­ing and up­grad­ing, and pro­mot­ing a high-qual­ity economic devel­op­ment.

Spokesman of the Na­tional Bureau of Sta­tis­tics

With the con­tin­u­ous deep­en­ing of the Belt and Road Ini­tia­tive con­struc­tion, China has ob­tained fruit­ful results in its econ­omy and trade. First, the scale of China’s trade is ex­pand­ing. In 2017, the to­tal im­port and ex­port vol­ume be­tween China and coun­tries in­volved in the ini­tia­tive was USD 1.1 tril­lion. Sec­ond, the in­vest­ment area con­tin­ues to broaden. Third, key projects are solidly car­ried out. In­fra­struc­ture such as railways, high­ways and ports have been suc­ces­sively com­pleted, co­op­er­a­tive projects in en­ergy and re­sources boosted, and man­u­fac­tur­ing and mil­i­tary pro­grams put into pro­duc­tion.

China has es­tab­lished five re­gions for economic and trad­ing col­lab­o­ra­tion in the Ini­tia­tive re­lated coun­tries, and in­vested cu­mu­la­tively more than USD 27 bil­lion. Our next step is to build a road to peace, pros­per­ity, open­ness, in­no­va­tion, and civ­i­liza­tion, and to fur­ther pro­mote co­op­er­a­tion un­der the Belt and Road Ini­tia­tive.

Cre­at­ing a new plat­form for in­ter­na­tional col­lab­o­ra­tion, China will hold with best ef­forts its first In­ter­na­tional Im­port Expo, and give full play to pi­lot free trade zones as well as devel­op­ment and co­op­er­a­tion ar­eas as plat­forms for open­ing-up. Fo­cus­ing on ma­jor in­vest­ment and co­op­er­a­tion projects, China will put for­ward a num­ber of prof­itable projects wel­comed by all par­ties, and thus cre­ate “glis­ten­ing pearls” along the Belt and Road. We will en­cour­age en­ter­prises to per­form ser­vices such as e-com­merce, big data, cloud com­put­ing, and ar­ti­fi­cial in­tel­li­gence along the routes to help the coun­tries de­velop their dig­i­tal econ­omy and in­te­grate into economic glob­al­iza­tion. We will push for­ward the lib­er­al­iza­tion and fa­cil­i­ta­tion of trade and in­vest­ment, deepen the co­op­er­a­tion in stream­lin­ing cus­toms clear­ance along the routes, and ac­tively sign free trade agree­ments with will­ing coun­tries. Fur­ther­more, we will put into prac­tice aid pro­grams, im­ple­ment­ing projects such as hous­ing con­struc­tion, of­fer­ing help to the poor, and pro­vid­ing med­i­cal ser­vices.

Min­is­ter of Com­merce of PRC

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