1、China’s Economic and Social Development in 2015

The main tasks and targets for the year were fulfilled;

Progress was achieved and stability ensured in economic and social development;

GDP reached 67.7 trillion yuan, representing an increase of 6.9% over 2014—a growth rate faster than that of most other major economies;

Consumer prices grew slowly;

A total of 13.12 million new urban jobs were created;

The service sector as a proportion of GDP rose to 50.5%;

The contribution of consumption toward economic growth reached 66.4%;

Energy consumption per unit of GDP fell by 5.6%;

The number of newly registered businesses rose by 21.6%, or an average of 12,000 new businesses per day;

Personal disposable income per capita increased by 7.4% in real terms;

The number of rural residents living in poverty was reduced by 14.42 million.

2、Main Targets and tasks for The 13th Five-Year Plan Period (2016-2020)

Double the 2010 GDP and per capita personal income;

Annual GDP growth: 6.5% or above;

R&D spending 2.5% of GDP;

Science and technology’s contribution to economic growth: 60%;

Permanent urban residents: 60% of the total population;

Registered permanent urban residents: 45% of the total population;

High-speed railways in service: 30,000 km, linking 80% of big cities;

Expressways built or upgraded: 30,000 km;

Full coverage of access to broadband networks;

Improvements to the environment;

Water consumption per unit of GDP: down 23%;

Energy consumption per unit of GDP: down 15%;

Carbon dioxide emissions: down 18%;

Lift all rural residents falling below the current poverty line out of poverty;

New urban jobs: more than 50 million;

Housing units rebuilt in rundown urban areas: 20 million.

3、Major Areas of Work for 2016

3.1 Main development targets

GDP growth: 6.5%-7%;

CPI increase: approx. 3%;

New urban jobs: more than 10 million;

Registered urban unemployment rate: within 4.5%;

Steady increases in imports and exports;

A basic balance in international payments;

Increases in personal income basically in step with economic growth;

Energy consumption per unit of GDP: down more than 3.4%;

Further reductions in the release of major pollutants.

3.2 Macroeconomic policies

Implement proactive fiscal policy and prudent monetary policy;

Deficit: 2.18 trillion yuan;

Deficit-to-GDP ratio: 3%;

Special bonds for local governments: 400 billion yuan;

Continue to issue local government debt – converting bonds;

Replace business tax with VAT in all sectors;

M2 money supply growth: approx. 13%;

Aggregate financing growth: approx. 13%;

Reform the modern financial regulatory system;

Keep the RMB exchange rate generally stable at an appropriate and balanced level.

3.3 Supply-side structural reform

Cancel the requirement of government review for more matters;

Pilot a negative list for market access;

Implement the strategy of innovation-driven development;

Encourage business startups and innovation;

Strengthen protection of intellectual property rights;

Address overcapacity in the steel and coal industries;

Improve SOE performance;

Diversify types of SOE equity;

Protect the property rights of entities under all forms of ownership;

Energize the non-public sector.

3.4 Domestic demand

Support the growth of consumption in elderly care, health, housekeeping, education, training, cultural, and sports services;

Strengthen the growth of emerging areas of consumption such as information goods and services, smart homes, and personalized fashion;

Cut tariffs on some consumer goods;

Increase the number of duty-free stores;

Speed up tourism development;

Invest more than 800 billion yuan in railway construction;

Invest 1.65 trillion yuan in road construction;

Start construction on 20 water conservancy projects;

Develop hydropower, nuclear power, ultrahigh-voltage power transmission, smart grids, pipelines for oil and gas transmission, and urban rail transit;

Improve the PPP model to stimulate private investment.

Advance new urbanization

Grant urban residency to more people with rural household registration;

Reform the household registration system;

Implement the residence card system;

3.5Openning up

More ahead with the Belt and Road Initiative;

Promote innovation-driven development of foreign trade;

Launch trials in the area of trade in services;

Adopt a more proactive import policy

Increase the import of advanced technology and equipment, key spare parts and components, and energy and raw materials in short supply in China;

Continue to relax market access restriction on investment;

Further open up the service sector and the general manufacturing sector;

Simplify procedures for establishing overseas-funded enterprise;

Establish more pilot free trade zones;

Achieve greater industrial-capacity cooperation with other countries;

Accelerate implementation of the free trade area strategy;

Negotiate on the RCEP agreement;

Negotiate on the China-Japan-ROK free trade agreement;

Negotiate on investment agreements between China and the United States and between China and the European Union.

3.6 Environmental pollution management

Control smog and water pollution;

Develop energy-saving and environmental protection industry;

Step up ecological security.

3.7 Improve Living Standards

Promote business development and increase employment;

Promote fairer access to and strengthen the quality of education;

Coordinate and promote reform of medical care, medical insurance and pharmaceutical industry;

Ensure national and public security;

Promote cultural reform;

Strengthen and make innovations in social governance.

3.8 Improve government image and enhance governance and service ability

Exercise power in accordance with the law, legalizing all governmental activities;

Exercise power with clean hands and further fight corruption;

Exercise power with diligence , enhancing the government's administrative capacity and public credibility.