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Targets of China’s government for 2018      [2018-03-06]

In the work report delivered by Premier Li Keqiang on March 5, the targets of China’s government for 2018 are as follows:

1. GDP growth of about 6.5%.

2. Consumer prices to rise about 3%.

3. More than 11 million new jobs available in cities and towns, and the urban unemployment rate to reach 5.5%.

4. Energy consumption per unit of GDP to drop by more than 3%.

5. Growth of residents' income in pace with economic growth.

 

Priorities on the government’s work this year:

1. Income: to raise the threshold of personal income tax.

2. Education: to effectively reduce the drop-out rate of rural students, and to ease the heavy academic burden of primary and secondary school students.

3. Medical: to increase financial subsidies per capita by 40 yuan$6.31 for basic medical insurance. To expand areas of cross-provincial medical treatment.

4. De-capacity: to reduce the steel production capacity of about 30 million tons and the coal output of 150 million tons.

5. Costcut: to reduce tax for businesses and individuals by more than 800 billion yuan($126.18 bn).

6. Innovation: to strengthen the R&D of new generation of artificial intelligence. To curb smog and prompt the prevention and treatment of cancer and other major diseases.

7. Finance and taxation: to improve the local tax system, and steadily push forward the legislation of real estate tax. To differentiate the fiscal authority and expenditure responsibilities between the central and local governments. 

8. Village Revitalization: to explore the reform of ownership, qualifications, and rights to use homestead. To construct 200,000 km of roads in rural areas.

9. Consumption: to extend the tax incentives for purchase of new energy vehicle for another three years. To reduce the ticket prices of key state-owned scenic spots.

10. Investment: to invest 732 billion yuan$115.46 bn) in railways and 1.8 trillion yuan ($283.91 bn) in highways and water transport.

11. Opening up: to loosen up or cancel restrictions on foreign companies’ shares in domestic banks, securities, funds, futures and financial asset management companies. To explore the construction of free trade ports.

 

Three critical tasks:

1). to crack down on illegal fund-raising, financial fraud and other illegal activities and to prevent debt risks of local governments.

2). to lift more than 10 million rural poor people out of poverty.

3). to reduce the emissions of sulfur dioxide and nitrogen oxide by 3%. To forbid entry of "foreign garbage" into China and to strictly control reclamation land. 


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