China discloses 2019 economic measures, growth targets
For 2019, Beijing targets to provide 11 million new job opportunities, control registered unemployment rate within 4.5%, the CPI within 3%, and the government will be increasing the fiscal deficit to 2.8% of the total GDP, up 0.2 percentage points from 2018, which will be equivalent to Yuan 2.76 trillion ($412 billion) to support the domestic economy, and among the total deficit, the central government will shoulder Yuan 1.83 trillion.
Premier Li
reiterated in the report that there will be no overwhelming stimulus funding
for 2019 but the government will be adopting multiple and flexible monetary
measures to guarantee reasonable capital flow in the market.
For 2019,
Beijing aims to fulfil a total of Yuan 800 billion investment in rail
construction and Yuan 1.8 trillion in road and water transportation, and to
support the local economies, Beijing plans to increase the local government
bonds quota to Yuan 2.15 trillion for 2019, or Yuan 800 billion higher than
2018.
For
specific industries, China will be reducing the burden of taxations and fees on
domestic manufacturers and small and micro enterprises via reducing the 16% VAT
on the manufacturing industry to 13% and the prevalent 10% VAT on transportation
and construction industries to 9%.
Besides,
Beijing proposes to reduce the electricity cost among industrial and commercial
enterprises by 10% on year for 2019.
Premier Li
confirmed that the country will be continuing with its battling against air
pollution with the regions including Beijing-Tianjin-Hebei and neighboring
areas, Yangtze River Delta, and the Fenwei Plains remaining the core of the
attention, and it will accelerate the pace upgrading the technology in the
thermal power and steel industries to realize ultra-low emission targets.
-Written by
Hongmei Li, li.hongmei@mysteel.com
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