Policy Interpretation | Report on the Work of the Government at the First Session of the 14th National People's Congress

On the morning of the 5th, the 14th National People's Congress opened its first session in the Great Hall of the People and Premier Li Keqiang delivered a government work report to the General Assembly.

I. Review of the main work achievements in the past year

The year 2022 was an extremely important year in the history of the Party and the State, with new and extremely hard-won achievements in the development of our country.

1. Annual GDP growth of 3%

2. 12.06 million new jobs in urban areas

3. Consumer prices rose by 2%

4. Grain production of 1.37 trillion catties, an increase of 7.4 billion catties

5. New tax cuts and fee reductions of more than 1 trillion yuan, and tax and fee reductions of more than 750 billion yuan

6. Waiving interest on national student loans for college graduates in financial difficulties in 2022 and allowing deferment of principal repayment

7. The employment situation remains generally stable and economic growth is stabilising.

II. Review of major work achievements in the past five years

1. GDP increased to RMB 121 trillion, with an average annual growth rate of 5.2% over five years

2. Urban employment increased by an annual average of more than 12.7 million people

3. The intensity of investment in R&D across society increased from 2.1% to over 2.5%

4. The mileage of high-speed railways increased from 25,000 km to 42,000 km, and 1.25 million km of rural roads were newly built and reconstructed

5. The total import and export of goods grew by 8.6% annually, surpassing RMB 40 trillion and ranking first in the world for many years in a row

6. The number of basic pension insurance participants increased by 140 million, covering 1.05 billion people

7. The Beijing Winter Olympic and Paralympic Games were successfully held in a simple, safe and wonderful manner

8. A major decisive victory was achieved in the prevention and control of the new crown epidemic

9. The per capita financial subsidy for urban and rural residents' medical insurance was raised from RMB 450 to RMB 610

10. Centralized procurement of drugs and medical consumables was implemented, reducing the cost burden by more than RMB 400 billion

11. Implementation of the three-child birth policy and supporting measures

III. Major expected development targets and key work proposals for 2023

1. GDP growth of about 5%

2. 12 million new jobs in urban areas and an urban survey unemployment rate of around 5.5%

3. The growth of residents' income will be basically synchronized with economic growth

4. Import and export will be stabilized and improved, and the balance of payments will be basically balanced

5. Grain production will be maintained at over 1.3 trillion jins

6. Energy consumption per unit of GDP and emissions of major pollutants will continue to decline

7. Prioritize the restoration and expansion of consumption

8. Increase the income of urban and rural residents through multiple channels

9. Promote the landing and construction of landmark projects with foreign investment

10. Effectively prevent and resolve the risks of high-quality headquartered real estate enterprises, improve their asset and liability positions, prevent disorderly expansion and promote the stable development of the real estate industry