und REPORT ON THE WORK OF THE GOVERNMENT Delivered at the Third Session rif the 12th National Pe o, 卢 的 吃 gress on March 5, 2015

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1 REPORT ON THE WORK OF THE GOVERNMENT Delivered at the Third Session rif the 12th National Pe o, 卢 的 吃 gress on March 5, 2015 PA 卡 i E -m ρ 俨 L L und bb HiE ndfl 1 J i λ 函 FBE 创 C 叶 o u n c H The official version of this report 飞 Nill be released by Xinhua News Agency.

2 FellowDepu 包 es, On behalf of the State Counc 丑, 1 will now report to you on the work of 出 e government for your deliberation and approval, and 1 invite comments on my report from the members of the National Committee of the Chinese People's Political Consultative Cor 由 rence (CPPCC). I. A Review of the Work in 2014 Over the past year, 也 e interna 包 onal and domestic environments faced by China in its development have been complicated and challenging. The road to global economic recovery has been rough, with many ups and downs, and the performance of the major economies has been divergent Downward press 础 nchin 必 economy has con 位 med to mount, and we have faced an array of interwoven difficulties and cha!lenges However, under 出 e fu:m leadership of the Central Committee of the Communist Party of China (CPC) headed by General Secretary xi Jinping, all our people have worked together as one, surmounted difficulties, and accomplished the year's m 田 n targets for economic and social development, thereby ensuring that we got off to a good start in comprehensively deepening reform, embarked on a new journeyωfully advance the law-based governance of China, and again made solid progress in our endeavor to 也 让 sh b 山 lding a moderately prosperous society in all respects. During the past year, China has, overal 山, achieved a stable performance while at the same 位 口 e securing progress in its economic and social development The main indication of this stable performance is 出 at the economy operated within an approprrate range. 坦 The growth rate was steady. China's GDP reached 63.6 位 由 lon 归 an, an increase of 7.4% over 出 e previous year, making China one of the fastest-growing major economies in the world. 固 Employment remained robust, with million new urban jobs created, which is higher than the figure for the previous year. E Prices were stable, with the CPI rising by 2%. The underlying feature demonstrating progress is that our development is becoming better coordinated and more sustainable. 圄 The economic s 位 ucωre was upgradεd. Grain output reached 605 million metric tons; the con 红 ibution of consumption toward economic growth rose by three percentage points to 5 1.2%; 出 e value added of the service sector increased from 46.9% to 48.2% of the GDP; and there was a constant stream of new industries, new 句 pes of business, and new business models. The 1

3 central and western regions grew faster in economic terms than the eastern reg:ton. 盟 m The quality of development was raised. Revenue in the general public budgets grew by 8.6%. Research and development spending accounted for more than 2% of the GDP. Energy intensity was cut by 4.8%, the biggest reduction made in recent years. People lives were improved. Per capita disposable personal income increased by 8% in real terms nationwide, growing faster than the econom 瓦 and the per capita disposable income of rural residents grew by 9.2%, outpacing that of those living in urban areas. In rural areas, the number of people living in poverty was reduced by million, and over 66 million more people gained accessωsafe drinking wa 皿 The number of outbound trips made by Chinese tourists exceeded 100 million. New breakthroughs were made in reform and opening up. A series of key tasks for comprehensively deepening reform were launch 时, and the goal of the current adminis 位 a 包 on to cut 出 e number of items that require goverru 丑 ent review by one 面 rd was achieved ahead of schedule. These achievements have not come easily. They have been made possible by the painstaking efforts and hard work of all our people, and they have stre 扫 gthened our resolve and confidence to keep pushing ahead Over the past year, we have faced more difficulties and challenges than anticipated. We have risen to 由 e challenge and accomplished the following in our work. First, 但 the basis of range 扣 sed matr, 而 且 ulation, 阴 阳 ~rr:ised targeted n 嗯 la. 岳 'on to keep the econo 町.growing steadi(y. In the face of mounting downward economic pressure, we maintained s 位.ategic focus and kept our macroeconomic policy unchanged. Instead of using short-term s 出 丑 ulus measures, we continued to develop new ideas and methods for macro regt 址 础 n. We exercised targeted regulation, stimulated market activi 职 shored up our weak spots, and boosted the real economy. Wi 出 a keen understanding of 出 c appropriate range within which the economy needs to be opera 包 ng, we adopted targeted steps to address the serious issues and structural problems hindering development. We promoted reform to gain impetus for developmer 吭., made s 位 uctural adjustrnents to produce support for development, and 挝 m 叫 lp 阳!DVI 肥 ed livi 纣 lv1 曰 lu 1 宅 g吨 standards tω 0 illcrea 剖 se 由 t hεpot 忧 ε.entia 纣 1 f, Dr 岛 development. We both eαxp 严 ande 吐 d market demand and 1n l 阳 withoutc ompromising t 出 he growtl 由 1 芷 rat 优 也 ε 巳. 2

4 We have been effectively implemen 包 ng proactive fiscal policy and prudent monetary policy. \1íi 电 increased targeted tax reductions, reduced fees across the board, 但 tended the coverage of tax relief policies to benefit more small and micro businesses, and expanded 出 e trials to replace business tax wi 也 VAT to cover more industries. We sped up the process of making budgetary funds available for fiscal expenditures and put surplus budgetary funds to good use. By flexibly utilizing monet 缸 y policy instruments, making targeted cutsωreq 山 red reserve ratios, c 缸 巧 Tmg out targeted re-lending, and making as 严 nmetric interest rate cuts, we stepped up support for weaker areas in economic and social development. Increases in loans made to small and micro businesses, and loans for agriculture, rural areas, and farmers, outdid the average increase in loans overall by 4.2 and 0.7 percentage points respectively. A t the same tir 丑 ε, re 伊 lation of the fmancial sector was improved and regional and systemic risks were forestalled. Second, 四 e de, 啦 饵 ed γφm 础 d opening up a, 钝 d invigorated economic and socia/ development. To address obs 位 uctions holding back development caused by certain systems and mechanisms, we comprehensively deepened reform, invigorating 出 e marketωoffset downward economic press 旧 ε. We tackled many tough issues and carried out structural reforms in 出 e ec ononuc 巳, poli 包 优 cal, cαulh 臼 tur 班 lra 叫 a W 仨 e have made solid 严 p ro 吨 εe 配 es 臼 S 讪 1 n key 目 r ef( orms. 岛 We 岛 f οrmula 乱 t 忧 ed and implement 优 ed a C 0 0 创 芷 dina 挝 ted 抖 p lan 岛 fi or dee 叩 pe 臼 ning the 芷 efi 丘 岛 0 主 m of 由 e fis 沉 C 乱 1 and tax systems. Important progress was made in the reform of 出 c budgetary management and tax systems. The number of items receiving special transfer payments was over one 出 ird less than that of 出 e previous year, and the proportion of transfer payments for general purposes was increased. Management of local government debt was s 位 eng 出 ened. The floating ranges of interest rates on deposits and exchange rates were expanded. New steps were taken in the trials to establish private banks. The Shanghai-Hong Kong Stock Connect was launched on a trial basis. The scope for using foreign exchange reserves and insurance funds was broadened. Price reforms in energy, 位 ansport, environmental protec 包 on, and communications were accelerated. We launched reforms to the system for mana 伊 19 research and development funding, 出 e school 白, amination and enrollment systems, 也 e household registration system, and the pension system for employees of Party and government offices and public insti 阳 包 ons We have continued to ve the central stage in reform to s 位 'car 划 1!l1ng a 也 ninis 位 ation and delega 由 19 more powers to lower-level governments and to society in general while improving regulation. Over the course of the year, departments under the State Council cancelled the requirement of or delegated the power for review on 246 items. We cancelled 29 performance evaluations, inspec 包 ons on the meeting of standards, and commendations, and 149 verifications and approvals of vocational qualifications. We again revised and sigr 口 ficantly shortened the list of investment 3

5 projects 叫 uiring government review. We channeled great effort into the reförm of 出 e business system. The number of newly registered market entities reached 虹 让 llion, 白 白 that of ente 主 prises increasing by 45.9%, creating a f 去 sh surge of en 住 epreneurial activity. \lç 也 ile economic growth slowed down, more jobs were created, which ft 均 demonstrates both the tremendous power of reform and the endless potential of the market. We drew on fi 时 也 er opening up to boost reform and development. We expand 吐 出 e Cbina (Shangh 均 Pilot Free Trade Zone and established 曲 曲 zones 1n Guangdong, Tianji 口, and Fujian. We worked to keep exports stable and increase imports, and China's international market share in exports continued to increase. Foreign direct investment actually made in China reached $119.6 billio 口, making the coun 町 出 e world's top destination for foreign direct investment. China's outwàrd foreign direct investment reached $102.9 billion, meaning that outward investment has come to draw even with inward inves 位 nent. China's free trade zone 缸 rangements with Iceland and Switzerland were officially launched, and China completed substantive talks on free trade zones wi 也 出 e Republic of Korea and Aus 仕 'alia. Major progress was made in coop 臼 'ation with other countries in fields such as railways, electric power, 且, natural gas, and communica 包 ons. Chinese eqnipment is making significant strides 1nto 出 e international market. τ'hirc/, 脚 Z 咐 ed up s. 加 剧 ral a. 句 usfi 跚 跚 ts 如 make China} devej 呻 酣 盹,t more sus. 切 由 'able. We took proactive steps to address prominent structural problems and supported the development of certain areas while containing the development of others, focusing on urgently needed initiatives 也 at promise long-term benefits. Our goal herein has been to lay a fum foundation for economic and social development. Work was done t 他 engthen the foundations of agricultt 皿 We increased policy support to stren 屏 len agr. 叫 ture, benefit farmers 与 and raise rur 址 living standards Grain output increased for the 11 出 consecut1ve yea 飞 and the income of rural residents grew faster than that of urban residents for the fifth year r 田 ming. Overall agricultural production capacity was steadily improved. Agricultural science and technology continued to be strengthen 时, and agriculture was further mechanized. The pace of progr, 臼 Sln 出 e construction of major water conse 町 ancy projec 臼 was stepped up. Farmland under water-saving irrigation was increased by 2.23 m 血 lon hectares. An additional 230,000 kilometers of roads were built or upgraded in 口.l.tal areas. We launched a new round of efforts to return more marginal farmland to forest or grassland. The work to determine, regis 町, and cer 峙 contracted rural land-use rights proceeded as planned, and new 句 pes of agricultural businesses registered faster growth. We channeled great energy into making adjustments in the structure of indus 位 F We focused on fostering new areas of growth by encou 组 织 ng 出 e service sector to 4

6 develop more quickly 二 and supporting the development of strategìc emerging industries, including the mobile Internet industry, 出 e integrated circuits indus 位 y, high-end eq 山 pment manufacturing, and the new-energy vehicles indus 町 Internet 七 ased finance rose swi 缸 y to prominence. E-commercε, logistics, express delivery services and other emer; 伊 19 businesses developed rapidly. We have seen creators coming thick and fast, and the cultural and creative industries have been developing with great vitality At the same 出 丑 e, we continued to cut overcapacity. Fifteen key industries including steel and cement achieved their task for the year of shutting down outdated production facilities as scheduled. We stepped up efforts to prevent and control smog and surpassed this year's targets for removing high-emission and old vehicles from tbe roads. Progress was made in developing infrastructure and promoting coordinated development among regìons. Si 伊 ificant progress was made in coordinated development for 出 e Bei 均 J1n 鸣 g-t 卫 lan 叫 )11 Ec ono 住 芷 c Bεl t. Ar 白 1 additional 8,427 隘 凶 lomet 巳 盯 rs of ra 创 ilwa 勾 y Iines werε pu 旧 t l1ltω 0 ope 臼 ration. The length of high-speed railways that are up and running in China reaclied 16,000 kilometers, accounting for more than 60% of 出 e world's total. The length of 出 e co 田 1 位 y's expressways open to 位 affic grew to total 112,000 kilometers. Waterways, civil aviation, and pipelines were ail further developed. Steady progress was made in upgrading rural power grids. The number of btoadband Internet users exceeded 780 million. Thanks to many years of hard work, 出 e f11st phase of the middle route of the South-to-North Water Diversion Project was officially put into operation, benefiting 日 咀 Iions of people along the route. We implemented 出 e stra 优 gy of innovation-driven development. We worked to commercialize research and development deliverables, expanded the scope of trial policies from the Zhongguancun National lnnovation Demonstration Zone, and ensured that scientific and technologìcal resources were openly shared. A 丑 this has been helping to constandy unleash the creativity of scientists and engineers. Breakthroughs have been made in m 勾 or research projects such as supercomputing, the lunar explora 包 on prog=, and satellite applications, and a regìonal jet developed and produced in China has bee 扫 successfully put into service Fourtb, we worked on deve 年 吨 atz 县 b 吵 脚 ven livíl 毯 standards. and sturt 步 sa, 何 net 归 secu. 陀 and i 呻 rove We continued to put people first, sustaining increases to spending in areas 出 at are important to improving standards of living. We have been working to b 山 ld up a basic safety net, ensure there is a cushion in place for those most in ne 时, ancl mal 忧 rdevant institutional arrangements. Despite a slowdown in 由 e grow 出 of government revenue 5

7 and increased pressure on expenditures, more than 70% of last ye 缸 budget was spent on ensuring standards of living. government We worked to sttengthen emplo 严 nent and social security. We improved the policies to stimulate emplo 严 丑 ent and initiated the scheme to help college students and graduates to start businesses, ensuring a steady increase in the employment of college graduates. We unified the basic pension systems for rural residents and non-working urban residents and increased basic pension benefits for enterprise retirees by a further 10%. Consttuction began on 7.4 口 llllion government 句 subsidized housing ur 让 ts, and 5.11 nllllion such units were basically completed. We established a nationwide temporary-assistance system, increased subsistence allowances by 9.97% for urban residents and 14.1 % for rural residents, and increased subsidies and living allo 飞.vances by more than 20% for disabled military personnel, f: 缸 由 且 由 of revolutionary martyrs, and old-age veterans We continued to make progress in securing f: 副 主 access to education. We s 位 engthened efforts to improve badly built and poorly operated schools providing compulso 巧 education in poor areas, incrεased 自 nancial 组 d to students 仕 om poor families, and si 伊 ificantly increased the 缸 nount available per eligible student for national study assistance loans. The scheme to subsidize the waiving of tuition fees at schools providing secondary vocational education was extended to cover 出 ree years of study. Policies have been inttoduced to ensure that children can rec 口 ve compulsory education at schools close to where they live without ha 飞 7ln 在 to take en 位 朋 ce ex 缸 丑 s, and 28 provincial-level a 也 ninisttative areas began to allow children who live with their migrant worker parents to take the college en 住 ance exam 1n 出 e 让 cities of residence The number of students from poor rural areas who were newly enrolled in key colleges and universities increased by more than 10% for the second ye 缸 runru 丑 恶 Tbrough hard work, government spending on education has come to reach over 4% ofgd 卫 We intensified efforts to reform and develop medical and health care. Trials of serious illness insurance for rural and non-working u 宜 han residents were extended to all provincial-level administtative areas, the framework of the system for providing assistance for emergency medical 位 ea 位 丑 ent was established, and over 95% of 也 c whole population was covered by medical ins 旧 ance. The comprehensive reform of community medical and healthcare centers was deepened, and thεnetworks of medical and healthcare services for counties, ω,wnships, and villages have been steadily improved. The number of counties and county-level cities carrying out 出 al public hospital reförms reached over 1,300. We worked actively to develop the cultural sector. Progress was made in developing major cultural initiatives designed to benefit the public. Great efforts were made to extend radio and television coverage not only to all 世 丑 ages but to all rural 6

8 homes. Efforts were made to ensure 出 e product:ion of more high-quality literary and art:ist:ic works, and the modern culture market was improved. Popular fituess act:ivit:ies 红 e flourishing nat:ionwide, and the 2014 Summer Youth Olympic Games in Nanjing were a great success F 动 h, 甜 e have been de, 时 峙 zng ne 即 如 rms of 皿 iaj governance, and promo, 岳 ng sotiaj harmony and stabijity. We responded effect:ively to natural disasters and eme 宜 gencies, worked to resolve social problems in a systematic way, and strengthened mechanisms to address problems at the source. These efforts have protected lives and ensured public order. Last year, when s 位 ong e 红 白 quakes hit in areas including Ludian and Jinggu counties in Yunnan Province, we launched t:imely and efficient relief efforts and made smooth progress in post-earthqu 汰 e recovery and reconstruct:ion. We worked proactively to assist Africa in 也 e fight against Ebola, and effect:ively prevented the V 监 us 仕 om entering China. We intensified efforts to ensure workplace safety and achieved reductions in the number of total accidents, serious and major accidents, and accidents in key industries. Serious efforts were made to prevent food contarninat:ion, and on the whole the situation was kept stable in food and medicine safety. In a major push to advance law-based government adrninistration, 由 St 盹 Council subrnitted proposals to the Standing Comrnittee of the Nat:ional People's Congress (NPC) on enacting or revising 15 laws including the Food Safety Law, and formulated or revised 38 sets of a 也 由 ms 位 a 包 ve 主 egula 包 ons including the Provisional Regulations on Enterprise Information Disclos 时 巳 We took thorough steps to lncrease 住 ansparency 1n government opera 包 ons, and used mult:iple means to widely solicit comments from the public on major government decisions and policies. The 出 ird nat:ional econornic census was completed. We reformed the system for handling public complaints made in 也 e form of letters or visits. Legal 缸 d was expanded to cover not only people living on subsistence allowances but also those on low incomes. We strengthened efforts in both urban and rural community buildi 吨 :, and made direct regts 位 a 也 on a reality for four types of social organizat:ions, incl 飞 lding indus 位 y associations and chambers of commerce. We cracked down on crin 风 S 位 engthened efforts in the comprehensive maintenance of law and order, and effecti 曰 ly safeguarded national security and public safety. We have been stricdy putt:ing into prac t:ice 出 e CPC Central Comrnittee's eight-point decision on improving Par 句 T and government conduct and making persistent efforts to fight formalism, bureaucratism, hedonism, and ex 往 avagance. We have been rigorously implement:ing the State Counci l's 出 ree-point decision on curbing government spending, and have effectively controlled the cons 世 uc 包 on of new government buildings, the staffing of government bodies and public inst:itut:ions, and 出 e spencling 011 official overseas visits, official vehicles, and official hospitality. 7

9 Administ:rative supervision and auditing oversight have been intensified; efforts have been stepped up to improve Party conduct, b 山 ld a clean government, and fight corruption; and we have investigated and prosecuted violations of thεlaw and d 四 ipline, bringi 吨 many offenders to justice We have taken s t:rong 阳 ps to ensure 出 e implementation of major policies and measures, c 缸 巧 ing out inspections, in 位 oduci 扫 g 由 ird-party evaluations and public appraisals, and establishing permanent mechanisms. These efforts have gone a long way in advancing all of our work Over 也 e past y 叫 Chinese diplom 町 has been fruitful. President xi Jinping and o 由 er state leaders visited many count:ries and attended major international events, including the G20 Leaders Summit, the BRICS Leaders Meeting, the Shanghai Cooperation Organization Summit, the East Asian leaders' meetings on cooperation, the Asia-Europe Meetir 鸣, 出 e Annual Meeting of the N ew Champions 2014 in Tianjin, and the World Economic Forum annual meeting 2015 in Davos, Switzerland. China hosted the 22nd APEC Econorr 让 c Leaders Mee 也 宅, 由 e Fourth Sumrr 让 t of the Conference on Interaction and Confidence Building Measures in Asia, and the Boao For 四 n for Asia China has been p 红 ticipating ac 包 vely in establishing multilateral mechanisms and writing international rules. We have made steady progress in developing relations wi 出 other major count:ries, entered a new phase in neighborhood diplom 缸 瓦 and made new headway in our cooperation with other de 飞 reloping count:ries. N otable progress has been made in conducting economic diplomacy. Progress has been made in purs 山 ng 出 e Silk Road Economic Belt and 21st Century Mari 包 mes 且 k Road initiatives; preparations have been made for establishing the Asian Infrast:ructure Inves 位 nent Bank, and the Silk Road Fund has been set up. China is engaging in more exchanges and cooperation with other countries, and is increasingly recognized as a major responsible coun 时 on the international stage. Fellow Deputies, We owe the achievements of 出 e past year to the overall planning and sound policyma 尬 19 of the Party Cent:ral Committee with Comrade xi Jinping as General Secretary and to 出 e concerted and unremitting efforts of all members of 也 e Party and the 红 med forces, and all of C 恤 的 people On behalf of the State Council, 1 wish to express our sincere gratitude to the people of all our ethnic groups, and to the non-cpc p 缸 ties, people 亏 organizations, and people from all sectors of society. We would like to express our he 缸 tfelt appreciation to our compat:riots in the Hong Kong and Macao special administ:rative reg:tons a 叫 in Taiwan, and ωchinese ωtionals overseas. We also wish to express true B

10 gratitude to the governments, international organizations, and friends from all over 由 E world who show understanding for and support China in its endeavor to modernize. While recognizing our achievements, we must also be mindful of the difficulties and challenges on the road ahead: 回 Growth in investment is sluggish; the number of new areas of strong consumer activity is limited; there is no sign 出 e international market is about to Slg 出 ficantly pick up; maint 剑 ning stable growth is becoming more difficult, and there are stilllatent risks in some areas 固 The prices of manufactured products are co 扫 tinuing to fall; 也 e costs of factors of produc 包 on are on the rise; small and micro businesses 缸 e finding it difficult and costly to obtain financing; and the going is tough for some enterpnses. 自 China's economic growth model remains inefficient; our capaci 句 for 1nnova 包 on is insufficient; overcapacity is a pronounced problem, and the foundation of agricult 旧 e is weak. 固 There are still many problems of public concern in medical services, elderly care, housing, transport, education, income distribution, food safe 町 ; and law and order. Environmental pollution is serious in some localities, and m 勾 or accidents in the workplace are not uncommon. 目 There is still much to be improved in the work of the government, with some policies and measures not being satisfactorily implemented. A sma 丑 number of government employees behave irresponsibly; shocking cases of corruption still exist; and some government offiαals are neglectful of their duties, holding onto the 芷 jobs while failing to fulfill their responsibilities. We must face these problems head on. In times of peace one must be alert to danger, and in times of stability one must be mindful of 出 e potential for chaos. We must be ready to bear the weight of responsibility, do justice to our historic mission, and live up to 出 e great 位 ust the people place in us H. The Plan for Work in 2015 China is the largest developing coun 世 y in the world; it is still in 出 e prrmary stage o f socialisr 口, where it w 迦 rem 似 n for a long 也 ne to come. At this stage, development is of primary irnportance to China; it is both the basis for and the key to solving every problem we face. In order to defuse problems and risks, avoid falling into the "middle-income trap," and achieve modernization, China must rely on development, and development requires an appropria 优 growth rate 9

11 At the same time, Chi 且 a's economic development has entered a new normal. Our country is in a crucial period during which challenges need to be overcome and problems need to be resolved. Systemic, ínstitutional, and structural problems have become" 包 gers in the road" holding up development. Wi 也 out deepening reform and making economic structural adjustments, we will have a difficult time sust 创 ning steady and sound development. We must be adamant in purs 山 ng economic development as our cen 位 al task and make a thorough job of development as 出 e top priority for ensuring 出 e governance and revitalization of the coun 位 y. We must continue to promote development in a sound and bala 主 lced way 出 rough reform and speed up the transformation of the growth model so as to achieve quality, efficient, and sustainable development At present, 也 e world economy is undergoing profound 呻 ustme 时, its recoveη lacks drive, 也 e influence of geopolitics is increasing, and thεre are a greater number of uncertainties at play. Promoting growth, creating jobs, and making structural adjustments have become common goals for the international community. With downward pressure on China's economy building and deep 俨 seated problems in development s 皿 :facing, 出 e difficulties we are to encounter in the year ahead may be even more formidable than 出 ose of last year On the other hand, China is still in an important period of strategic oppor 阳 也 可 during which great progress can be made in development Our coun 住 户 development has enormous potential and is hugely resilient, and we have ample room for growth Steady progress is being made in the development of new types of industrialization, applica 包 ons of information technologies, urbanization, and agricultural modernization; 也 e foundation underpinning development is becoming s 住 onger by the day; benefits of 优 form are being delivered as we speak; and we have gained much experience in conducting maαo regulation. We must s 位 engthen our awareness of latent problems while remaining 岛 lly con 自 dent and taking an active approach to development. This coming year will be crucial for comprehensively deepening reforr 口, 位 le first ye 红 for fully advancing the law-based governance of the country, and a critical year for ensuring steady growth and making structural adjustments. The overall req 也 rements for the governmen 也 work 出 1S ye 缸 are as follows: 酶 holdhigh 出 e great banner of socialism 飞 回 th Chinese characteristics; 回 follow the 伊 idance of Deng Xlaoping Theory, 出 e important thought of Three Represents, and the Scientific Outlook on Development; E comprehensively implement 由 E 伊 iding principles of the 18th National P 红 ty Congress and the third and fourth plen 缸 y sessions of the 18th CPC Central Comn 丑 ttee; 10

12 回 put into practice the guiding principles major speeches; 仕 om General Secretary xi Jinping's 固 actively adapt to and guide the new normal in China's economic development; 圄 adhere to the general principle of seeking progress while keeping performance stable; 回 ensure 出 at the economy performs within an appropriate range; 回 focus on strengthening 出 e quality and benefits of economic development; 回 glve greater pnon 可 to adjustments; transforming the growth model and making structural 囱 tackle tough problems of reform head on; 圄 pursue innovation-driven development; 回 strengthen risk prevention and control; 回 strengthen safeguards for people standard of living; 且 get 出 e right balance between carr 严 ng out reform, purs 山 ng development, and ensuring stability; 圄 promote all-round socialist economi 飞 political, advancement; and cultural, social, and ecological 自 achieve steady and sound economic development and ensure social harmony and stabili 勾 λ Keeping in mind these req 田 rements, we must focus on achieving the dual objectives of m 田 ntaining a medium-high-ievel growth rate and moving tow: 世 d a medium-high-ievel of development. \lç 也 need ωmaintain policy contin 山 ty and keep expectations stable while moving forward with reform and structural adjustme 时, and we need to develop twi 口 m 伊 les to drive development: popular entrepreneurship and m 且 ovation, paired with increased supplies of public goods and services. This 飞 飞 Till ensure that our growth rate is adjusted without weakening momentum and grow 出 in quantity is underpinned by greater quality, thereby achieving a better-quality, more efficient, upgraded economy. We have set 出 e main targets for China's economic and social development for d 山 year as follows: E increase the GDP by approximately 7%; 也 t 团 keep 也 e increase in the CPI at around 3%; 11

13 圄 crea 忧 over ten million jobs in urban areas; E ensure 出 at the registered urban unemplo 严 口 ent rate does not rise above 4.5%; E increase imports and exports by around 6%; 因 achieve a basic balance of payments; 回 ensure 出 at personal incomes increase in step with economic development; and 固 cut energy intensity by 3.1 %, and continueωreduce the emissions of major pollutants. The target growth rate of approx 由 lately 7% takes into consideration what is needed and what is possible. This target is both aligned with our goal of finishing building a moderately prosperous society in all respects and is appropriate in te 口 口 s of 出 e need to grow and upgrade our economy. It is also in keeping 叨 th 出 e objective laws of development as well as conditions in China. If China's economy can grow at d 咀 s rate for a relatively long time, we will secure a more solid material foundation for modernization. At the same 位 时, 出 E 幻 m of maintaining stable growth is to ensure employment. As the service sector becomes larger, the number of small and micro businesses grows, and the economy gains in size, a growth rate of appro 沮 mately 7% w 巡 ens 旧 e ample employment. Local governments need to 四 t targe 臼 based on local conditions, be fi 均 motivated to make progress, 缸 ld tap into their full potential so as to deliver better outcomes. To deliver a good performance in the work of the government 出 is year, we need to concentrate on the following three areas: Firsl, 脚 酣 ed 切 e 银 sure continuii 吵 in and make i 呻 'rovemenls 10 m, 时 roeconomicpo!icies. We will continue to implement proactive fiscal policy and prudent monet 缸 y policy. We will pay greater attention to anticipato 巧 adjustrnents, fine-tuning, and targeted re 伊 lation. We 切 II put both existing and additional financial resources to good use, focusing particularly on strengthening weak spots. We will improve micro-level vita 且 可 to underpin macroeconomic stability, explore new ways of achieving supply to boost demand, and balance total supply and demand through structural adjustments to ens 旧 e the economy performs within an appropriate ra 白 gι 因 proac 包 ve fiscal policy must sustain the momentum of economic growth and 1 日 crease economic returns. The government budget deficit for 2015 is projectedωbe 出 血 on yuan, an increase of 270 billion 归 an over last year, which means that the 12

14 deficit to GDP ratio w 沮 rise from last ye 缸 's 2.1% to 2.3%. Of this 但 nount, the cen 位 al government deficit will account for 的 llion 严 Jan, an increase of 170 billion yuan, and local government deficit will account f01: 500 billion 严 an, an increase of 100 billion yuan. We need to find 出 e right balance between mana 伊 19 debt and maintairung steady growth. We will develop and improve mecharusms for local governments to secure fmancing through bond issuance. We will allow local govemments to issue an appropriate amount of special bonds, ensure continued financing for eligible projec 臼 already under construction, and guard a 伊 inst and defuse risks and latent dangers. We will improve the mix of budgetary spending, redouble our efforts to put government funds on hand into use, and stren 阱 m 出 e effectiveness of govemment spending. We will continue to make struεtural tax reductions and cut fees across 出 e board so as to further lighten the burden on enterprises, p 缸 ticularly small and mlcro businesses We will pursue prudent and balanced monetary policy. The M2 money supply is forecasted to grow by around 12% in 2015, but the actual supply may be slighdy higher than this projection depending on the needs of economlc dεvelopment. We will work to stren 阱 en and improve macro-prudential regulation, adopt a flexible approach in our use of monetary policy tools including open market operations, interest rates, req 山 red reserve ratios, and re-iending, and maintain steady gro 飞 吭 hin the supply of money and credit as well as aggregate financing in the economy. We will speed up 也 e tumover of funds, improve the credit s 位 ucture, increase the proportion of direct financing to total financing, and reduce the cost of financing, thereby allowing more financial resources to be channeled into the real economy. Second, 阳 配 ed 始 maintai 饵 a 阳 伊 balan. 出 如 伽 een e 即 回 ing steady gro 毗 础 d 拥 球 ~ng 阳 仰 <Jl 吨 ustments. In its current stage of development, China has to deal simultaneously with the slowdown in economlc growth, making difficult structural adjustments, and absorbing the effects of previous economlc stimulus policies. As resource-related and environmental constraints grow and costs for labor and other factors of production rise, a model of development 由 at draws on high levels of investment and energy consumption and is heavily driven by quantitative expansion becomes difficult to sustain. We must therefore improve the economlc structure while ensuring steady grow 也 The growth rate must be kept steady to ensure 由 at econ01 世 c performanceis stable, and 出 at employment and personal incomes carry on increasing, thus creating a favorable environment for making structural adjustments and transforming the grow 出 model At the same 也 ne, structural adjustments must be made to consolidate 出 E foundation for ensuring steady growth. We need to incrεase 13 research and

15 development spertding, raise total facto 主 productivity, 缸 lprove quality, standards, and bra 缸 and-bu 毗 ildir 吨 f mαc 臼 ase 出 t he 四 芷 share of 出 d le εc 0 口 omy, improve the overall struct 旧 e of economic grow 出, and work harder to foster new areas of growth and growili poles. With iliese efforts, we can ensure 由 at economic upgrading and development reinforce each o 白 白. T 技 仗, 甜 e need 10 嗣 白 白 a 必 田 tm t 如 bil 巾 呼 a 酣 即 fo. 附 for drivin. 且 economic and socia! de 法 wlop; 栩 栩 ι As ilie force iliat has 位 aditionally driven economic growili is weakeni 吨, 1t 1S rmperanve 出 t we intensi 马 T structural reform, boost efforts to implement the s 国 tegy of pursuing innovation- 也.ven developmen 飞 and upgrade traditional engines while creating new ones for driving development. We will increase the supply of public goods and services, increase government input in areas Iike education and healili care, and encourage nongovernmental participa 柱 n to improve the efficíency of supply. This will bolster weak spots and benefìt the people, as well as inα'ease demand and promote development. At the same 臼 ne, we will also encourage people to start ilieir own businesses and ωmake innovations, 双 此 h will not onlyαeate more jobs and increase personal incomes, but also improve upw 红 ds social mobility and socíal equity and justice China has a popula 包 on of 1.3 billion and a workforce of 900 m 血 ion. Our people are hardworking and talented, and iliεre is no limit to ilieir ingenuity. When an abundance of market cells spring into life, 出 ey w 诅 form a mighty 也 iving force for development, ens 田 ing China's economy remains resilient in spite of 出 e downward pressure on it, and continues to be full of life and dynarnism. The government should be bold in imposing a reform on itself so as to leave ample space for the market and society to play their respective roles and level ilie playing fìeld for fair compe 包 tion. Individuals and enterprises must have ilie mettle to promote ilieir business development and make innovations, and our socíety needs to nurωre a culture of en 世 epreneurship and innovation. In 出 is way, while creating wealth, people w 说 be able to meet ilie 芷 cultural and intellectual needs and realize 由 eir full potential in Iife. This year is ilie fìnal year for completing the 12th Five-Year Plan. As we strive to accomplish 由 e major tasks and objectives for economic and social development set for 出 in this pl 钮, we need to formulate ilie 13ili Five-Year Plan, bringing to 出 is work 出 e spirit of reform and innovation and adopting a scientific approach. IH. Deepening Reform and Opening Up Reform and opening up is crucial for driving development. We must focus on 14

16 economic structural reform as we comprehensively deepen reform, taking all things into consideration in planning, wor 挝 ng solidly to deliver concrete outcomes, making newbre 汰 出 roughs in areas tbat can boost development as a whole, and strengthening new momenturn to drive development. we 切!! do more to 阳 am!i. 旧 administration 础 d de!egate more po 四 ers 切 蜘 旷 c/eve/ govem 扭 扭,ts and to society in geiηeral 甜 hi/e improvz: 也 (g regula. 岳 阳. This year, we will delegate the power or cancel the req 山 rement for government review for more items, c 古 ncel all non-adminis 位 ative review, and establish a system for exercising well-regulated management over the government review process. We will d 呻 en reform of tbe business system; fur 也 er simpl 均 由 e process for capital registration; take gradual steps to integrate tbe business license, 出 e certificate of organization codes, and tbe certificate of taxa 臼 on registration into one certificate; and overhaul and r, 吃 ulate intermedi 缸 γse. 凹 ices. We 机 11 draw up a negative list for market access, ensure tbat provincial-ievel governr 丑 ents make 也 eir lists of powers and responsibilities open to 出 e public, and make s 旧 e that anything tbe law does not autborize is not done, while all duties and functions assigned by law 缸 e performed. Local governments must completely let go of powers tbat should be delegated to tbe market or society, and properly exercise 出 e power of review over all items 由 at have been delegated to them by higheιlevel govαnments. We will exercise s 位 onger oversight botb during and after tbe handling of matters, and improve tbe network of services for bo 出 enterprises and tbe general public. We will work to improve 出 E credit rating system, put in place a national ur 世 fied system of codes for rating credit, and establish a plat 伽 m for sharing and exchanging information on credit. We will, in accordance witb tbe law, pro 忧 ct 出 e informa 包 on security of enterprises and individuals. 1t goes without sa: 严 ng tbat powers should not be held witbout good reason Governments at all levels need to adopt effective ways to streamline adrninis 住 atlo 丑, delegate powers, and tra 扫 sform 由 e 监 functions, creating an enabling environment for enterp 主 ises, making it easier to start up in business, and creating the right environment for fair competition. Procedures and processes must be simplified and time 丘 ames must be clarified for all items req 回 到 ng adrr 如 山 位 ative revi 巳 :w, and cuts to government power will be made to boost market vitali 巧 T. We 即 i!1 take mult; 忡 阴 阳 ures to 吵 栩 如 investment and financif2.! 旦 9 阳 L We w 丑 1 substantially reduce the number of investrnent projects that require government review, delegate more powers of review to lower-level governments, significantly streamline tbe need for preliminary review for investrnent projects, and conduct project revicws online. We will greatly relax market access for private lnves 位 工 lent and encourage tbe use of private capital to set up equi 句 T funds. The 15

17 government will guide no 吨 òvemmental investments toward key projec 也 by subsidizing investments, injecting capital, and establishing funds. We will deepen reform of railway investment and financing by making good use of railway development funds. We will actively promote models of coopera 世 on between govemment and nongove 芷 nmental capital in developing infrasttucture and public utilities We wi!! take time!y 缸 岳 阳 切 acce!era, 句 附 属, 呼 orm. This reform is 幻 med at ensuring the market plays the decisive role in allocating resources and si 伊 ificantly reducing the number of categories and items of goods and sen 甩 ces for which prices are set by the government. In principle, we will li 丘 pnong controls over all goods and services that can via 峙 compete in markets. The government w 迎 stop setting prices for most pharmaceuticals and delegate to lower-level govemments 出 e power to set prices for cert 组 n basic public se 扫 过 ces. We will expand the trials of pricing reforms for elec 位 icity transmission and distribution, carry out pricing reforms for water used in agricultu 主 e, and improve pnc1ng policies to make them more conducive to energy conservation and environmental protection. We will improve 也 e pricing of resource products and fully implement a system of tiered pricing for electrici 吼 water, and natural gas used for household purposes. At the same 也 ne, we must strengthen oversight over pricing, improve market order, and ensure the basic living standards of people on low illcomes. We wi!! ensure that 仰 伊 臼 is made in the 呵 m 呼 thefzsca! and t. 阳 rystems. We 切 11 put in place a comprehensive, well-regulated, open, and 位 ansp 红 ent budgeting system. With 出 εexception of cases where classified information is involved, all central and local government departments must release their budgets and final accounts for public oversight. We will i 日 crease the percentage of funds transferred from the budgets for state capital opera 包 ons to general public budgets. We w 迎 10 位 oduce medium-term fiscal planning. We will design effective measures to make good use of govemment funds at hand. We will devote serious energy to completing work to replace business tax with VAT across the board, adjust and improve policies on consumption t 缸, and extend price-based resource taxes to cover more 句 pes of resources. We will submit a proposal to the NPC Standing Commitree on revising the Law on 出 e Admini 抽 血 on of Tax Collection. We will reform the transfer payments system, clearly define the respective powers and spending responsibilities of the central and local governments, and make appropriate adjustments to the division of revenue between them. 16

18 we wifl move ah 叫 切 也 jìna 现 cial 呼 orm 切 better serve the real economy. Wew 沮 encourage qualified private investors to establish, in accordance with 出 E law, small and medium-sized banks and other financial institutions; 出 ere w 让 1 be no quota imposed on them, and approval will be granted as long as all req 山 red conditions are met. We will deepen reform of r 旧 al credit cooperatives, and keep 出 eir staωs as legal persons in their counties stable. We will ensure development-oriented and policy-backed financial institu 包 ons public goods. function effectively in increasing the supply of A deposit insurance system will be established. We will fur 出 er 且 beralize interest rates and improve the cen 位 al bank's 丘 amework for their regulation. We w 诅 work to keep the RMB exchange ra 忧 at an appropriate and balanced level and allow it to f10at more freely. We will make steady progress in realizing 也 e conver 包 bility of 出 ermb capital accounts, expand 出 e use of the RMB in 忧 rnationally, accelerate 出 e establishment of a cross-border payment system for the RMB, improve 出 e worldwide clearing system for 出 e RMB, pilot private overseas investment, and launch the Shenzhen-Hong Kong Stock Connect on a trial basis at an appropriate tir 丑 ι We will strengthen the multilevel capital market and implement the reform ω introduce a sys 忧 m of registration for issuing stocks. We 切 11 develop regional equi 句 r markets to serve sma11 and medium-sized enterprises, encourage the securitization of credit assets, prompt an expansion of 由 e issuance of corporate bonds, and develop the financial derivatives market. We 切 111aunch insurance ωcover major disasters and commercial pension schemes that allow for deferred payment of individual income tax. We will el'plore new approaches to financial regulation to prevent and diffuse tinancial risks. We will channel g 主 eat energy into developing inclusive finance and ensuring equitable access to tinancial services for all market enti 包 es we 甜 ill d. 呻 en the reform uf state-owned enterprises (50E 斗 and state 呻 itaf. We will push forward with targeted reform of SOEs on 出 e basis of having clearly defined their functions. We will move more swifdy in carrying out trials on establishing state capital investment companies and operating comp 缸 ues, platform for state capital operations, and improve the 让 performance create a market-based We will take systematic steps to implement 出 e reform of introduαng nllxed ownership to SOEs, and both encourage and 主 egulate eq 山 句 T investment made by non-state capital in SOE investment projects. We will accelerate structural reform of the electrici 巧, 0 且, and natural gas industries. We will work, through multiple channels, 17

19 to relieve SOEs of their obligation to operate social programs and help them solve longstanding problems, while at the same time ensuring that 出 e legitimate rights and 1nteres 臼 of workers are protected. We will ensure 出 at SOEs irnprove 也 E 芷 modern corporate structure, and incen 包 ve and res 位 aint mechanisms for their executives 缸 E reformed and s 位 engthened. We w 诅 S 往 engthen regulation of state-owned assets and guard against th 世 loss, and ensure 出 at SOEs irnprove their performance The non-public sector is an 血 lportant component of China's economy. We will remain firmly comrnitted ωencouragt 吨, supporting, and 伊 iding 出 e development of this sector, work to enable entrepreneursωgive full expression to their talent, put into effect all policies and measures encouragi 鸣 the development of 出 e private sector, stren 织 hen 出 e vitali 句 r of enterprises under all 可 pes of ownership, and protect the propetty rights of all types of enterprise-legal persons in accordance wi 白 白 e law. We will continue to push 汕 ead wi 出 reforms in science, technology, education, culture, medical and health care, pensions, public institutions, and the housing provident fund. Development needs ωbe driven by reform, and the people are expec t1ng 也 e real benefits reform delivers. We must work hard to make sure 出 at reform boosts development and benefits 0 田 people. Opening up is itself a reform. We must carry out a new round of high-quality opening up, move more swifdy in b 山 lding a new open econom 民 and maintain momentum in development and in international compe 包 tion by pressing ahead with operungup. we 甜 ill tra. 时 orm and upgrade Chi. 锐 的 如 tïgntn 础. We will irnprove the mechanism for sharing the cost of export tax rebates between the central and local government 飞 with the central government paying all this year's increase over last year for the benefit of local governments and expor 包 ng enterprises. We will overhaul and regulate charges for irnports and exports, and establish and release a complete 且 st of such charges. We will irnplement policies and measures to enable China's foreign trade to develop new compe 包 tive edges, facilitate 也 e transformation of processing trade, develop market purchase trade and a comprehensive service platform for foreign trade, expand comprehensive trials in cross-border e-commerce, turn more cities into trendsetters in undertaking services ou 岱 ourced by other countries, and increase the share of service trade in China's fore 职 trade. We 叨 丑 adopt a more active irnport policyωincrease the irnport of advanced technology, key equipment, and important parts and components. 18

20 we 切 11 脚 a more al 仰 :, more 嗖 毗 四 刑 罚 出 h to making use of fi 古 rezgn 呻 itaf. We will revise the Catalogue for the Guidance of Industríes for Foreign Investment. We will focus on making the service and manufactu 由 19 sectors even more open by halving the number of industries in which foreign investment is restricted. We 飞.vill introduce, across 也 e board, 出 e management system under which foreign investment projects generally need only to be placed on rec 时, 切 th government review required in only a limited number of cases. We will delegate to lower-level governments the power of review for a large number of projects that are encouraged by the state; and work actively to explore 也 e management model of pre-establishment national 位 eatment plus a negati 而 且 s t. We will work to improve 出 e foreign investment regulatory system, revise laws concerning foreign investment, and create a stable, f: 但 主, 位 ansp 缸 en 飞 and predictable business environr 丑 ent. We will speed 哗 啦 implem 栩 如 如 犯 of the "go global" L 阳 tegy. We will encourage Chinese companies to participate in overseas infrastructure development projec 臼 and engage in cooperation with their foreign counterparts in building up produc 包 on capaαty. We will work to increase 也 e interna 包 onal market share of Chinese railway, electric pow 凹, communications, engineering machinery, automobile, aircraft, electronics, and other equipment, and encourage 出 e metallurgical, b 由 lding materials, and other industries to invest overseas. Outbound investment will be mainly managed on a record-keeping basis. We will scale up export credit insurance to provide export financing insurance for all insurable complete sets of large equlpment. We will broaden the channels for using foreign exchange reserves, provide better ünancial services, information services, legal services, and consulate protection to Chinese fums investiog abroad, guard ag 刽 nst risk, and strengthen our capacity to protect the rights and interests of Chinese enterprises overseas. We are co 卫 fident that 由 se steps will enable Chinese compani 臼 ωgo global and go steadily, emerging S 位 onger in international competition. we will flster a 饵 四 四 时 'ronment in al! 刊 und openi. 哈 哈 Wew 诅 work with 也 e relevant countries in developing the S 丑 k Road Economic Belt and the 21st Century Matitime Silk Road. We will move faster to s 位 engthen infrastructure connectivi 勾 T with China's neighbors, simp 崎 customs clearance procedures, and build international logistics gateways. We will work to build the China-Pakistan Economic Corridor and the Bangladesh-China-India-Myanmar Economic Corridor. We will make China's interior and border areas mo 主 e open to the outside world, promote 出 e innovation-driven development of cconomic and 19

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