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Full text: Report on China's economic, social development plan (1)
                 Source: Xinhua | 2017-03-17 16:50:18 | Editor: huaxia

EDS: Please refer to Xinhua's Photographic News Department for figures and graphics in the report.

BEIJING, March 17 (Xinhua) -- Following is the full text of the Report on the Implementation of the 2016 Plan for National Economic and Social Development and on the 2017 Draft Plan for National Economic and Social Development, which was submitted on March 5, 2017 for review at the Fifth Session of the 12th National People's Congress and was adopted on March 15.

REPORT ON THE IMPLEMENTATION OF THE 2016 PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT AND ON THE 2017 DRAFT PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT

Delivered at the Fifth Session of the Twelfth National People's Congress on March 5, 2017

National Development and Reform Commission

Esteemed Deputies,

The National Development and Reform Commission has been entrusted by the State Council to submit this report on the implementation of the 2016 plan and on the 2017 draft plan for national economic and social development to the Fifth Session of the Twelfth National People's Congress (NPC) for your deliberation and for comments from the members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

I. Implementation of the 2016 Plan for National Economic and Social Development

Last year, conditions both at home and abroad were complex and challenging; the global economic recovery struggled to take effect while downward pressure on China's economy remained significant. However, under the firm leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments continued to follow the general principle of making progress while keeping performance stable, upheld the new development philosophy, earnestly implemented the 2016 plan approved at the Fourth Session of the Twelfth NPC, and acted in line with the review of the plan by the NPC's Financial and Economic Affairs Committee. In accordance with the keynote of advancing supply-side structural reform, we appropriately increased aggregate demand, advanced reform with determination, responded effectively to risks and challenges, guided public expectations to ensure they remained positive, and worked hard to deliver a good performance in all areas of work. As a result, economic and social development remained stable and healthy, the 13th Five-Year Plan got off to a good start, and implementation of the 2016 Plan for National Economic and Social Development was successful overall.

1. We developed new and better ways of conducting macro regulation to keep the economy operating within an appropriate range.

On the basis of range-based regulation, we strengthened targeted and well-timed regulation and pursued a more proactive fiscal policy as well as a prudent monetary policy that retained an appropriate degree of flexibility so as to ensure that economic performance was stable. China's gross domestic product (GDP) rose to 74.41 trillion yuan, an increase of 6.7%, meeting our projected target.

Figure 1. Quarterly GDP and Growth Rate in 2016

1) Consumption played a more fundamental role.

The action plan to stimulate industrial transformation and upgrading through increased consumption was formulated, and the Ten Initiatives for Boosting Consumer Spending were implemented. We implemented the policies for promoting green consumption, transformation of physical retail businesses through innovation, and integrated development of transportation and logistics. The guidelines on further boosting consumer spending in tourism, culture, sports, health, elderly care, education, and training services were promulgated and implemented; the consumption of services flourished; and consumer spending on automobiles and other physical goods was increased and upgraded. We formulated the guidelines on providing incentives to key groups to promote an overall increase in urban and rural incomes, and people's ability to consume continued to increase. Total retail sales of consumer goods for the year rose by 10.4%. Consumption served as a major driver of economic growth, making a 64.6% contribution. And there was a further improvement in the ratio between consumption and investment.

Box 1: Ten Initiatives for Boosting Consumer Spending

2) Investment sustained steady growth.

Strengthening areas of weakness, making structural adjustment, and increasing supply were our primary focus in working to increase rational and effective investment. We further improved the structure of investments falling within the central government budget, took initial steps to set up the reserve of government investment projects and formulate the three-year rolling investment plan, and stepped up the construction of major projects. We channeled great energy into stimulating private investment, formulated a 26-point policy to ensure its sound development, and worked to expand the application of public-private partnership (PPP) models. Total fixed-asset investment for the year rose by 7.9%, of which 61.2% came from nongovernmental sources (excluding rural households).

Box 2: Measures for Encouraging Sound Development of Private Investment

3) The overall employment situation remained positive.

We sped up efforts to develop community-level facilities providing employment and social security services and to establish public vocational training centers, provided better services to college graduates as well as to workers laid off due to the scaling-down of overcapacity, and continued to advance pilot projects to support rural migrant workers returning home to set up businesses. An additional 13.14 million urban jobs were created over the year, and the registered urban unemployment rate stood at 4.02% at the end of 2016.

Figure 2. Urban Jobs Created

4) Overall prices were generally stable.

We increased regulation over commodity prices, effectively carried out regulation over the price of hogs, and strengthened monitoring, early warning, regulation, and oversight over the prices of major commodities such as vegetables during the flood season and major holidays. Oversight over pricing was tightened up and law enforcement efforts to counter monopolistic pricing intensified with numerous cases being investigated and dealt with. The consumer price index (CPI) for the year rose by 2.0%.

5) Risks and challenges were handled appropriately.

We stepped up reviews to verify the authenticity of outbound investment projects and worked to ensure the sound and orderly development of overall outbound investment. We employed market-oriented, law-based measures to guard against and defuse bond default risks. Policies tailored to local conditions were implemented to regulate the real estate market on a per-category basis. We worked to guard against and deal with severe flooding in some regions, particularly the Yangtze basin, as well as other natural disasters, and acted quickly to provide effective rescue and relief so as to minimize damage, and ensure recovery and reconstruction efforts proceeded in an orderly manner.

2. We worked to secure solid progress in supply-side structural reform,achieving initial success in the five priority tasks of cutting overcapacity, reducing excess inventory, deleveraging, lowering costs, and strengthening points of weakness.

By enhancing policy guidance and support and establishing an effective work mechanism, we achieved preliminary progress in our efforts to carry out the five priority tasks. (more)

Full text: Report on China's central, local budgets (9)
Full text: Report on China's central, local budgets (10)
Full text: Report on China's central, local budgets (8)
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Full text: Report on China's economic, social development plan (1)

Source: Xinhua 2017-03-17 16:50:18

EDS: Please refer to Xinhua's Photographic News Department for figures and graphics in the report.

BEIJING, March 17 (Xinhua) -- Following is the full text of the Report on the Implementation of the 2016 Plan for National Economic and Social Development and on the 2017 Draft Plan for National Economic and Social Development, which was submitted on March 5, 2017 for review at the Fifth Session of the 12th National People's Congress and was adopted on March 15.

REPORT ON THE IMPLEMENTATION OF THE 2016 PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT AND ON THE 2017 DRAFT PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT

Delivered at the Fifth Session of the Twelfth National People's Congress on March 5, 2017

National Development and Reform Commission

Esteemed Deputies,

The National Development and Reform Commission has been entrusted by the State Council to submit this report on the implementation of the 2016 plan and on the 2017 draft plan for national economic and social development to the Fifth Session of the Twelfth National People's Congress (NPC) for your deliberation and for comments from the members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

I. Implementation of the 2016 Plan for National Economic and Social Development

Last year, conditions both at home and abroad were complex and challenging; the global economic recovery struggled to take effect while downward pressure on China's economy remained significant. However, under the firm leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments continued to follow the general principle of making progress while keeping performance stable, upheld the new development philosophy, earnestly implemented the 2016 plan approved at the Fourth Session of the Twelfth NPC, and acted in line with the review of the plan by the NPC's Financial and Economic Affairs Committee. In accordance with the keynote of advancing supply-side structural reform, we appropriately increased aggregate demand, advanced reform with determination, responded effectively to risks and challenges, guided public expectations to ensure they remained positive, and worked hard to deliver a good performance in all areas of work. As a result, economic and social development remained stable and healthy, the 13th Five-Year Plan got off to a good start, and implementation of the 2016 Plan for National Economic and Social Development was successful overall.

1. We developed new and better ways of conducting macro regulation to keep the economy operating within an appropriate range.

On the basis of range-based regulation, we strengthened targeted and well-timed regulation and pursued a more proactive fiscal policy as well as a prudent monetary policy that retained an appropriate degree of flexibility so as to ensure that economic performance was stable. China's gross domestic product (GDP) rose to 74.41 trillion yuan, an increase of 6.7%, meeting our projected target.

Figure 1. Quarterly GDP and Growth Rate in 2016

1) Consumption played a more fundamental role.

The action plan to stimulate industrial transformation and upgrading through increased consumption was formulated, and the Ten Initiatives for Boosting Consumer Spending were implemented. We implemented the policies for promoting green consumption, transformation of physical retail businesses through innovation, and integrated development of transportation and logistics. The guidelines on further boosting consumer spending in tourism, culture, sports, health, elderly care, education, and training services were promulgated and implemented; the consumption of services flourished; and consumer spending on automobiles and other physical goods was increased and upgraded. We formulated the guidelines on providing incentives to key groups to promote an overall increase in urban and rural incomes, and people's ability to consume continued to increase. Total retail sales of consumer goods for the year rose by 10.4%. Consumption served as a major driver of economic growth, making a 64.6% contribution. And there was a further improvement in the ratio between consumption and investment.

Box 1: Ten Initiatives for Boosting Consumer Spending

2) Investment sustained steady growth.

Strengthening areas of weakness, making structural adjustment, and increasing supply were our primary focus in working to increase rational and effective investment. We further improved the structure of investments falling within the central government budget, took initial steps to set up the reserve of government investment projects and formulate the three-year rolling investment plan, and stepped up the construction of major projects. We channeled great energy into stimulating private investment, formulated a 26-point policy to ensure its sound development, and worked to expand the application of public-private partnership (PPP) models. Total fixed-asset investment for the year rose by 7.9%, of which 61.2% came from nongovernmental sources (excluding rural households).

Box 2: Measures for Encouraging Sound Development of Private Investment

3) The overall employment situation remained positive.

We sped up efforts to develop community-level facilities providing employment and social security services and to establish public vocational training centers, provided better services to college graduates as well as to workers laid off due to the scaling-down of overcapacity, and continued to advance pilot projects to support rural migrant workers returning home to set up businesses. An additional 13.14 million urban jobs were created over the year, and the registered urban unemployment rate stood at 4.02% at the end of 2016.

Figure 2. Urban Jobs Created

4) Overall prices were generally stable.

We increased regulation over commodity prices, effectively carried out regulation over the price of hogs, and strengthened monitoring, early warning, regulation, and oversight over the prices of major commodities such as vegetables during the flood season and major holidays. Oversight over pricing was tightened up and law enforcement efforts to counter monopolistic pricing intensified with numerous cases being investigated and dealt with. The consumer price index (CPI) for the year rose by 2.0%.

5) Risks and challenges were handled appropriately.

We stepped up reviews to verify the authenticity of outbound investment projects and worked to ensure the sound and orderly development of overall outbound investment. We employed market-oriented, law-based measures to guard against and defuse bond default risks. Policies tailored to local conditions were implemented to regulate the real estate market on a per-category basis. We worked to guard against and deal with severe flooding in some regions, particularly the Yangtze basin, as well as other natural disasters, and acted quickly to provide effective rescue and relief so as to minimize damage, and ensure recovery and reconstruction efforts proceeded in an orderly manner.

2. We worked to secure solid progress in supply-side structural reform,achieving initial success in the five priority tasks of cutting overcapacity, reducing excess inventory, deleveraging, lowering costs, and strengthening points of weakness.

By enhancing policy guidance and support and establishing an effective work mechanism, we achieved preliminary progress in our efforts to carry out the five priority tasks. (more)

[Editor: huaxia ]
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