China targets GDP growth at 7.5 pct in 2013 Published: 2013-3-5 17:53:00

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Premier Wen delivers govt work report
China maintains its 2013 gross domestic product (GDP) growth target unchanged at around 7.5 percent this year to leave some leeway for economic restructuring, according to a government work report to be delivered by Premier Wen Jiabao at the annual legislative session Tuesday.

Highlights of work report:
Progress in the past five years
 ●China's GDP increased from 26.6 trillion yuan to 51.9 trillion yuan, now the world's second most, by an average annual growth of 9.3 percent.

 ●Government revenue went up from 5.1 trillion yuan to 11.7 trillion yuan.

 ●The per capita disposable income of urban residents rose by 8.8 percent annually, and the per capita net income of rural residents rose by 9.9 percent.
Major targets for 2013
 Gross domestic product (GDP) grows about 7.5 percent.

 Consumer Price Index (CPI) increase will be kept around 3.5 percent.

 A deficit of 1.2 trillion yuan ($190.48 billion) is projected, 400 billion more than the budgeted figure last year and accounting for 2 percent of GDP.

 Add more than 9 million urban jobs.
Fiscal and monetary policies for 2013
 China will continue to implement a proactive fiscal policy. The government will give priority to education, medical and health care, social security and other weak areas that are important to people's wellbeing.

 China will continue to implement a prudent monetary policy. The target for growth of the broad money supply (M2) is about 13 percent.

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Highlighted figures:

About reform
We adjusted income distribution. We worked hard to increase the income of low-income people. We reduced the tax burden on over nine million self-employed people. The central government set the new poverty line at 2,300 yuan, which resulted in more low-income people being covered by the government's poverty reduction program, which constitutes tremendous social progress.
We will continue to advance the strategic adjustment of the state sector of the economy and improve the mechanisms for redirecting investments of state capital to ensure its rational flow.
We will work hard to improve our executive ability and earn greater public trust. We will strengthen inspection and oversight of policy implementation and ensure that all orders are carried out and all prohibitions are observed.
Continuing to deepen reform and opening up, and further improving systems and mechanisms conducive to developing in a scientific manner. We will move ahead with price reform for resource products.
We need to speed up the reform of monopoly industries. We will further relax controls over market entry, introduce a competitive mechanism and diversify the investors in and ownership of monopoly industries. We will deepen reform of the electricity, postal service, telecommunications and railway industries and steadily proceed with the reform of public utilities such as water, gas and heat.
In order to build a new socialist countryside, we must comprehensively carry out overall rural reform. This year, we will completely rescind the agricultural tax throughout the country, a tax that China has been collecting for 2,600 years. This is a change of epoch-making significance.
Deepening the restructuring of government bodies; Speeding up the transformation of government functions; Improving the methods and means of economic management; Working hard to build a service-oriented government; improving our ability to perform our duties in accordance with the law; making great efforts to improve the government's style of work.
Seizing the opportune moment and deepening economic restructuring.  We will deepen the reforms of the state asset management system and state-owned enterprises.  We will vigorously promote the development of the non-public sector of the economy and actively guide it.  We need to quickly establish a system to ensure credibility in society.
About housing price
We accelerated the construction of low-income housing. We adopted guidelines on construction and management of low-income housing; improved policies on government input, land supply, credit support, and tax and fee reductions; strove to improve project planning and construction quality; and introduced a system and measures for distributing, managing, and recalling low-income housing.
We will strictly implement differentiated housing credit and tax policies, adjust and improve tax policies on real estate, tighten tax collection and administration, and effectively curb the purchase of homes for speculation or investment purposes.
2010 We will resolutely curb the precipitous rise of housing prices in some cities and satisfy people's basic need for housing. We will intensify the implementation of differentiated credit and tax policies. We will improve the advance purchase system for commodity housing.
2009 Individuals who meet relevant criteria and apply for bank loans to support the purchase of a second home for personal use will enjoy similar preferential lending policies that apply to the purchase of first homes.
2007 The real estate industry should focus on developing reasonably priced commercial housing for ordinary people. The government will pay particular attention to addressing the housing problems of low-income families. We will increase fiscal and tax policy support and set up a sound system of low-rent housing. We will improve and standardize the system of affordable housing.
2006 We will continue efforts to restrict excessive real estate investment and lower overheated real estate prices in some cities. We need to adjust the types of real estate properties on the market by strictly controlling new high-end real estate projects and concentrating on building general commercial housing and low-cost housing.
2005 We will work hard to keep the prices of grain and other primary farm products basically stable at a reasonable level, focusing on curbing the excessively rapid rise in the prices of the real estate and means of production and appropriately handling the timing and magnitude of price adjustments for public goods and services. Supervision of markets and prices will be improved to resolutely put an end to price gouging.

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