Foreign Media Focus on Government Work Report: GDP Growth Target Meets Market Expectations

 Foreign Media Focus on Government Work Report: GDP Growth Target Meets Market Expectations

International Online Manuscript: At 9:00 a.m. on March 5, the second session of the 13th National Peoples Congress held an opening meeting at the Great Hall of the People in Beijing to hear the report of Premier Li Keqiang of the State Council on the work of the government. The government work report has always been one of the two topics concerned by foreign media, and this year is no exception. Foreign media focused on the target of GDP growth in 2019 published in the report, and believed that the measures mentioned in the report, such as tax cuts, fee cuts and stable employment, provided a guarantee for economic growth and national happiness.

GDP growth target meets market expectations

Singapores Lianhe Zaobao reported Friday that Premier Li Keqiang of the State Council pointed out in his government work report that Chinas expected economic growth target for 2019 was 6% to 6.5%. Reported that although this target is lower than last year, but in line with market expectations.

Previously, many media predicted that Chinas economic growth target in 2019 might be between 6% and 6.5%.

Chinas economic growth target for 2019 is 6% to 6.5%. The picture shows the scenery on both sides of the Pujiang River in Shanghai. Xinhua Wu Kaishou

The report also said that Chinas expected economic and social development goals this year include: the unemployment rate in urban surveys is about 5.5%, the registered unemployment rate in urban areas is less than 4.5%; the rise in consumer prices is about 3%; the balance of payments is basically balanced and imports and exports are steadily improved; the macro-leverage rate is basically stable, financial and financial risks are effectively prevented and controlled; the poverty-stricken population in rural areas is reduced by more than 10 million, and the income Growth basically keeps pace with economic growth.

Indias First Post also reported on Chinas main expected economic and social development goals this year, saying that in order to meet the needs of economic development, China will soon consider and adopt the Foreign Investment Law (Draft) at this session of the National Peoples Congress to create an environment for foreign enterprises to compete fairly with local enterprises.

The report quoted Premier Li Keqiang as saying: The above-mentioned main expected goals reflect the requirements of promoting high-quality development, conform to the reality of Chinas development, and link up with the goal of building a well-off society in an all-round way. They are positive and stable.

Take multiple measures to ensure economic growth

The Washington Post reported that Premier Li Keqiang mentioned in his report that positive fiscal policy should be enhanced. Reported that Chinas deficit rate this year is planned to be 2.8%, 0.2 percentage points higher than last years budget. In addition, local government bonds of 2.15 trillion yuan will be arranged this year, an increase of 800 billion yuan over last year, to provide financial support for key projects.

Chinas economic growth slowed down last year and increased by 6.6% in the whole year, the Guardian reported on May 5. In this context, the Chinese government is concerned about the risks of rising unemployment and lowering peoples sense of access. Premier Li Keqiangs work report undoubtedly released confidence. The report promises that the Chinese government will implement larger tax cuts to reduce taxes and burdens for manufacturing, transportation and construction industries. Premier Li also stressed the importance of timely employment stabilization measures to alleviate the financing difficulties and high financing costs of enterprises, and made it clear that loans to small and micro enterprises of large state-owned commercial banks should increase by more than 30% this year.

On January 1, 2019, China began to declare the special additional deduction of personal income tax. Xinhua Haifa (Xue Junbin)

The report commented that these commitments of the Chinese leadership provided support and guarantee for economic growth and national happiness. Moreover, in Chinas draft national budget for 2019, the Chinese government pledged to guard against local government debt risks, increase consumer spending and reform state-owned enterprises.