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Chinese premier stresses implementation of government work report

Xinhua, March 18, 2016 Adjust font size:

Premier Li Keqiang on Friday urged efforts to complete targets set in the government work report, promote economic restructuring and further ease the burdens of enterprises.

The report, approved by lawmakers at the legislature's annual session on Wednesday, is a blueprint for the government's work in 2016, according to a statement released after a State Council executive meeting presided over by the premier.

The government work report has raised a series of key goals for 2016, including the official economic growth target of 6.5 to 7 percent, at least 10 million new urban jobs, and a registered urban unemployment rate within 4.5 percent.

The tasks should be finished without discount this year and thus to set a good foundation for the fulfillment of the 13th Five-Year Plan, which outlined the policy framework, priorities as well as economic and social development goals for 2016-2020.

Local governments were asked to make detailed work schedules and clarify responsibilities while taking note on the economic situations home and abroad so as to make policy adjustments in time to guard against risks.

The meeting also listed priorities for economic structural reform, involving sectors such as state-owned enterprises, finance and tax system as well as agriculture.

To further alleviate burdens of enterprises, business tax will be replaced with value-added tax in all industries before May this year, which is expected to result in tax savings of over 500 billion yuan (77.37 billion U.S. dollars). Endi