By Dang He
Today, China opened the first session of the 14th National People’s Congress(NPC). During the session, the Government Work Report was delivered. It reviewed the work that the government has accomplished and outlined the government’s major goals, policies, and agenda for 2023, containing a striking array of points. Here are the highlights:
On the achievements, over past 5 years
China secured victory against poverty, ensured food security, boosted rural revitalization, and improved and upgraded its industrial structure. China expanded domestic demand and promoted coordinated regional development. China steadily improved people’s well-being, strengthened environmental protection, and pursued green and low-carbon development. China’s law-based government advanced, social governance innovated. China improved ethnic, and religious work. China’s major-country diplomacy progressed.
On the main targets for 2023
China sets its GDP growth target for 2023 at around 5 percent. China targets an inflation rate, or increase in consumer price index (CPI), of around 3 percent for 2023. China’s deficit-to-GDP ratio is projected at 3 percent for 2023. China aims to create around 12 million urban jobs in 2023 and targets a surveyed urban unemployment rate of around 5.5 percent. China aims to keep its grain output over 650 million tonnes in 2023.
On diplomacy
China stands ready to work with the international community to put into action the Global Development Initiative and the Global Security Initiative and promote the shared values of humanity.
China will stay committed to an independent foreign policy of peace and to peaceful development and pursue friendship and cooperation with other countries on the basis of the Five Principles of Peaceful Coexistence.
China will remain firm in pursuing a strategy of opening up for mutual benefit. China will continue working to safeguard world peace, contribute to global development, and uphold the international order.
On economic & social policy for 2023
China’s COVID-19 response will be more well-conceived, more targeted, and more effective in 2023. China will accelerate the modernization of its industrial system.
China will intensify efforts to attract, and utilize foreign investment. China will expand market access, continue to open up the modern services sector, ensure national treatment for foreign-funded companies, improve services for foreign-funded companies, and facilitate the launch of landmark foreign-funded projects.
China will take active steps to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and other high-standard economic and trade agreements, and steadily expand institutional opening up by proactively adopting relevant rules, regulations, management, and standards.
China will keep personal income growth in step with economic growth. China expects continuous progress in housing and medical care. China will stabilize grain output, and boost rural revitalization. China will continue the transition to green development.
China will expand domestic demand. Priority will be given to the recovery and expansion of consumption, and the incomes of urban and rural residents will be boosted through multiple channels. Government investment and policy incentives should effectively drive investment and more private capital should be encouraged and attracted to major state projects and projects aimed at addressing areas of weakness.
On fiscal, monetary policy for 2023
China will implement prudent monetary policy in a targeted way. China will enhance the intensity and effectiveness of proactive fiscal policy. China will keep the RMB exchange rate generally stable at an adaptive, balanced level.
China will encourage, and support the private sector. China will effectively prevent, and defuse major economic, and financial risks. China will deepen the reform of the financial system and improve financial regulation.
China will ensure effective risk prevention and mitigation in high-quality, leading real estate enterprises, help them improve debt-to-asset ratios, and prevent unregulated expansion in the real estate market to promote the stable development of the real estate sector.
On China’s Hong Kong, Macao & Taiwan
China will resolutely oppose “Taiwan’s independence”, and advance peaceful reunification. Chinese central government will maintain lasting prosperity, and stability in China’s Hong Kong, and Macao, support China’s Hong Kong and Macao in growing their economies and improving people’s lives and maintain long-term prosperity and stability in the two regions.
China’s Two Sessions consist of the National People’s Congress(NPC), China’s top legislative body, and the National Committee of the Chinese People’s Political Consultative Conference(CPPCC), the top political advisory body. They are held every year in March, which attracts world attention. The year 2023 is worth following. China and Chinese people will surely yield stunning development, playing a stunningly crucial role on the world stage.
