Summary of What to Take Away from China’s 2019 “Two Sessions”

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At the beginning of March 2019, China’s Government Work Report unveiled growth targets and reform measures for 2019. The year represents the 70th anniversary of the founding of the People’s Republic of China and a crucial year in the country’s endeavor to build a moderately prosperous society in all respects by 2020. The report declared a number of major goals, which include developing new and improved approaches to macro regulation, improving the business environment, speeding up efforts to apply internet and other information technology in all industries and sectors, spurring the development of the domestic market, enhancing ecological improvement, fostering new strengths in international economic cooperation and competition, and more. This article published on TF Caijing, a Chinese financial news media platform, dissects the detailed report, extracts the most important points, and features comments and observations from experts to provide additional insights. Anyone who wants insights into China’s general national policies and the country’s promising industries will find this analysis intriguing.

In this summary, you will learn

  • What China achieved in 2018 and what goals China has set for 2019,
  • Which areas the Chinese government prioritizes in 2019, and
  • What impact those policies will make.
 

About the Author

This report was written by the TF Caijing editing team. TF Caijing is a Chinese news media platform that analyzes corporate development and investment trends and reports on the capital dynamics of China’s different industries.

 

Summary

In 2018, China’s GDP increased by 6.6%. The cities added 13.61 million new jobs. The number of poor people in rural areas shrank by 13.86 million. Tax reductions for businesses and individuals totaled ¥1.3 trillion (about $193 billion). The government lowered a number of tariffs on imported goods, dropping the overall tariff rate to 7.5% from 9.8%. The government has cut the prices of 17 anticancer drugs significantly and has included those drugs in the national medical insurance catalog.

In 2019, the Chinese government will aim for a GDP growth of 6% to 6.5%. Other goals for 2019 include creating 11 million new employment opportunities across cities and towns and keeping the unemployment rate at around 5.5%. For this to be possible, businesses – small shops as well as large corporations – must thrive, so China will be working on making it easier for small...