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Government Work Report: A Close Look at China’s Priorities

Premier Li Keqiang delivered the Report on the Work of the Government (Government Work Report) at the 5th Session of the 12th National People’s Congress, which opened in Beijing in March 2017. China’s gross domestic product (GDP) reached RMB74.4 trillion in 2016, contributing to over 30% of global economic growth.

Head of the State Council Research Office and leader of the Government Work Report drafting team Huang Shouhong noted that the Chinese economy registered a slower but stable performance with good momentum for growth in 2016 – the first year of the 13th Five-Year Plan period -- in spite of arduous and complicated challenges.

There are many reasons why the Chinese economy maintained a good momentum for growth. An important contributing factor was the creation of new momentum by accelerated economic development, including (1) the development of new technologies, new industries, new business formats and new economic models; (2) the vitality generated by the transformation and upgrading of traditional industries has formed powerful new momentum, accelerated the optimisation and upgrading of economic structure and significantly improved the quality and efficiency of economic growth. The principal goal for economic development in 2017 is to increase GDP by about 6.5%.

The State Council also interpreted the Government Work Report in areas that fall within its domain, including the direction of economic development with the improvement of the people’s well-being as objective, the reduction of fees and levies to lower the non-tax burdens of enterprises, the monitoring of the sources of pollution and strict measures to be taken to pursue responsibility and accountability, and the macro-control of the real estate market with different policies for different cities.

For details of the Government Work Report 2017 in Chinese, please see State Council website.

Content provided by Picture: HKTDC Research
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