{"id":3770,"date":"2020-05-22T12:53:46","date_gmt":"2020-05-22T12:53:46","guid":{"rendered":"https:\/\/cbbcfocus.com\/?p=3770"},"modified":"2020-05-24T10:06:40","modified_gmt":"2020-05-24T10:06:40","slug":"takeaways-from-li-keqiang-work-report-to-the-lianghui","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/takeaways-from-li-keqiang-work-report-to-the-lianghui\/","title":{"rendered":"Key takeaways from Li Keqiang\u2019s work report at the Lianghui"},"content":{"rendered":"<h2><span style=\"letter-spacing: 0px;\">Chinese Premier Li Keqiang has delivered the <\/span><a style=\"letter-spacing: 0px;\" href=\"https:\/\/cbbc.us3.list-manage.com\/track\/click?u=c9d02ed07b9b9b82fd48c9a61&amp;id=e0e919b15a&amp;e=115ab91ac2\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/cbbc.us3.list-manage.com\/track\/click?u%3Dc9d02ed07b9b9b82fd48c9a61%26id%3De0e919b15a%26e%3D115ab91ac2&amp;source=gmail&amp;ust=1590235869372000&amp;usg=AFQjCNGJn4bOipETylT-oaLEMXfKYzHL8w\">government&#8217;s annual work report<\/a><span style=\"letter-spacing: 0px;\">\u00a0to the 13th National People\u2019s Congress. The report summarises China\u2019s economic performance last year and outlines the key economic targets for 2020.\u00a0<\/span><\/h2>\n<div>\n<p dir=\"ltr\">Unusually, those targets do not include a GDP growth rate goal for China this year. Dropping the GDP target was expected in the wake of the COVID-19 pandemic, which has already caused economic activity to slump in China in the first quarter. Nonetheless, it is a significant move for the Chinese government.<\/p>\n<p dir=\"ltr\">The government has also announced a significant fiscal stimulus for 2020, albeit not as large as the stimulus China enacted in the wake of the 2008 global financial crisis. Premier Li also signalled that the stimulus will be different in nature this time around, with far less emphasis on debt-driven infrastructure spending and more in the way of support for businesses and employment.<\/p>\n<h2 dir=\"ltr\"><strong>Last year\u2019s achievements<\/strong><\/h2>\n<p dir=\"ltr\">The work report lists key economic data for 2019, including:<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">China\u2019s economy grew by 6.1 percent reaching a nominal GDP of RMB 99.1 trillion yuan (\u00a311.4 trillion).<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">About 13.5 million urban jobs were added and consumer prices increased by 2.9 percent.<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Consumption continued to be the main driver of economic growth, with over RMB 40 trillion (\u00a34.6 trillion) of consumer goods sold last year.<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Per capita disposable personal income also increased, rising to over RMB 30,000 per year (\u00a33,450).<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">For the first time, permanent urban residents now account for more than 60 percent of China\u2019s population. The number of rural residents living below the poverty threshold was further reduced to 0.6 percent of the total population.<\/p>\n<\/li>\n<\/ul>\n<h2 dir=\"ltr\"><strong>What comes next?<\/strong><\/h2>\n<p dir=\"ltr\">Following the devastating COVID-19 outbreak and the 6.8 percent drop in GDP in the first quarter of 2020, the Chinese government\u2019s key priority is to get the economy back on track while safeguarding social stability, with job creation topping all other concerns.<\/p>\n<p dir=\"ltr\">Li\u00a0listed the following main economic targets for the year:<\/p>\n<p dir=\"ltr\">1. \u00a0 Over 9 million new urban jobs<\/p>\n<p dir=\"ltr\">2. \u00a0 CPI increase of around 3.5 percent<\/p>\n<p dir=\"ltr\">3. \u00a0 Stabilise foreign trade and ensure a basic BoP equilibrium<\/p>\n<p dir=\"ltr\">4. \u00a0 Income growth which better reflects economic growth in recent years<\/p>\n<p dir=\"ltr\">5. \u00a0 Elimination of poverty among all rural residents<\/p>\n<p dir=\"ltr\">6. \u00a0 Effective prevention and control of major financial risks<\/p>\n<p dir=\"ltr\">7. \u00a0 Further reduction in energy consumption per unit of GDP and emissions of principal pollutants<\/p>\n<p dir=\"ltr\">8.\u00a0 \u00a0The accomplishment of the 13th Five-Year Plan<\/p>\n<h2 dir=\"ltr\"><strong>No GDP target<\/strong><\/h2>\n<p dir=\"ltr\">In a historical first, Li declined to set a specific GDP target for this year. His explanation for not doing so is worth citing in full:<\/p>\n<p dir=\"ltr\">\u201cI would like to point out that we have not set a specific target for economic growth this year. This is because our country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic and the world economic and trade environment.<\/p>\n<p dir=\"ltr\">\u201cMaintaining security will deliver the stability needed to pursue progress, thus laying a solid foundation for accomplishing our goal of building a moderately prosperous society in all respects.\u201d<\/p>\n<h2 dir=\"ltr\"><strong>Budget<\/strong><\/h2>\n<p dir=\"ltr\">Li signalled that some fiscal support for the economy will be forthcoming. This year\u2019s central government deficit will rise to 3.6 percent of GDP, an unusually high level for China and up significantly from 2.8 percent last year.<\/p>\n<p dir=\"ltr\">Beijing will also transfer some RMB 2 trillion (\u00a3230 billion) directly to local governments and will establish a special transfer mechanism to allocate the money. On top of that, local governments will be able to issue RMB 3.75 trillion in bonds this year, RMB 1.6 trillion more than last year.<\/p>\n<p dir=\"ltr\">Li said that the extra money for local governments should be used to ensure employment and reduce the financial burden on businesses through tax cuts, fee and rent reductions and other administrative measures.<\/p>\n<p dir=\"ltr\">Li\u2019s key message remains: \u201cGovernments at all levels must truly tighten their belts.\u201d<\/p>\n<div id=\"attachment_3772\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-3772\" class=\"wp-image-3772 size-full\" src=\"https:\/\/cbbcfocus.com\/wp-content\/uploads\/2020\/05\/shutterstock_1174727290.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/focus.cbbc.org\/wp-content\/uploads\/2020\/05\/shutterstock_1174727290.jpg 1000w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2020\/05\/shutterstock_1174727290-300x200.jpg 300w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2020\/05\/shutterstock_1174727290-768x512.jpg 768w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2020\/05\/shutterstock_1174727290-585x390.jpg 585w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2020\/05\/shutterstock_1174727290-263x175.jpg 263w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><p id=\"caption-attachment-3772\" class=\"wp-caption-text\">Beijing will also transfer RMB 2 trillion directly to local governments<\/p><\/div>\n<h2 dir=\"ltr\"><strong>Business support and SOE reform<\/strong><\/h2>\n<p dir=\"ltr\">The government will continue to support businesses through further tax reductions. Premier Li announced further VAT reductions and a decrease in employers\u2019 share of old-age insurance contributions.\u00a0 In addition, the government will make further tax and fee cuts worth about RMB 500 billion (\u00a356 billion).<\/p>\n<p dir=\"ltr\">The government will also allow deferred payment of corporate income taxes for small and micro-businesses, as well as for self-employed businesses, to next year. According to Li, this could mean an additional RMB 2.5 trillion (\u00a3288 billion) in savings for small businesses this year.<\/p>\n<p dir=\"ltr\">Finally, Li announced a three-year action plan for SOE reform which will relieve state-owned enterprises of their responsibility for non-business related social problems and increase the share of private capital through mixed-ownership of state-owned enterprises.<\/p>\n<h2 dir=\"ltr\"><strong>Foreign trade<\/strong><\/h2>\n<p dir=\"ltr\">With regard to foreign trade, Li said that China will carry on with its plan to further open up the economy to foreign investment. The current \u2018negative list\u2019 of sectors restricted to foreign investment will be considerably shortened. Additionally, the government will draft a separate list for cross-border trade in services and make the sector more accessible to foreign investment.<\/p>\n<p dir=\"ltr\">The government will accelerate the establishment of new free trade zones, especially in China\u2019s inland regions, and speed up the establishment of a new free trade port in Hainan.<\/p>\n<p dir=\"ltr\">Li also said that the government remains committed to achieving shared growth through consultation and collaboration with China\u2019s BRI partners, and would aim for the healthy development of outbound investment.<\/p>\n<p dir=\"ltr\">Finally, Li said that China will continue to adhere to the goals of the Phase One\u00a0US-China trade deal, and is willing to collaborate with other partners in the reform of the WTO.<\/p>\n<h2 dir=\"ltr\"><strong><a href=\"http:\/\/cbbc.org\">CBBC<\/a> view<\/strong><\/h2>\n<p dir=\"ltr\">Before this year\u2019s Two Sessions, there were two big questions: First, would China stick to a fixed growth target for this year, and second, would there be a big new stimulus package? The work report has answered both of these.<\/p>\n<p dir=\"ltr\">The answer to the first question is a clear &#8216;no&#8217; \u2014 although that does not mean growth targets are now a thing of the past. China\u2019s long-term economic plans remain unchanged and will be hard to achieve without some measure to evaluate progress.<\/p>\n<p dir=\"ltr\">The answer to the second question is more nuanced. On the one hand, Li did seemingly give in to calls from his Minister of Finance Liu Kun, who had argued for a larger deficit to stabilise the economy. The government\u2019s planned additional spending for this year amounts to over RMB 1 trillion (\u00a3115 billion) and, together with the equally raised bond issuance limit for local governments, constitutes a considerable fiscal stimulus.<\/p>\n<p dir=\"ltr\">Yet Li has also made clear that the government does not want to see a repetition of the infrastructure spending spree which followed previous stimulus packages. We should, therefore, expect the central government to keep a close eye on how the money is spent by local governments.<\/p>\n<p dir=\"ltr\">Finally, Li\u2019s comments regarding the opening up of the country\u2019s services sector is definitively a positive sign. Although nominally open, informal restrictions and administrative barriers have made China&#8217;s service industry a tough terrain for foreign investors. Addressing the issue by establishing a separate negative list shows that the government is finally willing to make China\u2019s largest growth driver more accessible to foreign businesses.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chinese Premier Li Keqiang has delivered the government&#8217;s annual work report\u00a0to the 13th National People\u2019s Congress. The report summarises China\u2019s economic performance last year and outlines the key economic targets for 2020.\u00a0 Unusually, those targets do not include a GDP growth rate goal for China this year. Dropping the GDP target was expected in the wake of the COVID-19 pandemic, which has already caused economic activity to slump in China&hellip;<\/p>\n","protected":false},"author":26,"featured_media":3771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[212,132],"tags":[367,585,332,584,586,146],"class_list":["post-3770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus","category-news","tag-economy","tag-li-keqiang","tag-lianghui","tag-npc","tag-policy","tag-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Key takeaways from Li Keqiang\u2019s work report at the Lianghui - Focus - China Britain Business Council<\/title>\n<meta name=\"description\" content=\"The key takeaways from Chinese Premier Li Keqiang\u2018s annual work report\u00a0to the 13th National People\u2019s Congress known as the Lianghui\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/focus.cbbc.org\/takeaways-from-li-keqiang-work-report-to-the-lianghui\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key takeaways from Li Keqiang\u2019s work report at the Lianghui - 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