Key Words of the Two Sessions GDP
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