Chinese Premier presented a report summarizing the Government work
On 5 March 2018, Li Keqiang summarized the results of the previous five years and announced the goals for 2018. Premier stated that within the period of report Chinese GDP rocketed from 54 trillion yuan to 82.7 trillion, average annual growth rate was 7.1%. Besides, Li Keqiang claimed that personal income outpaces economic growth rates. As a result, currently China is the country with the world largest middle-income group. A number of poor citizens decreased by 68 million.
Chinese economy became more sustainable, as both power and water consumption per unit of GDP reduced by 20%. The number of days, when the air in major cities was highly polluted decreased by 50%.
In 2018 the Government plans to support key economic indicators at high rates. Specific targets are the following: budget deficit reduction, cutting steel and coal production capacities, tax reduction for both business and individuals. Additional funds will be invested into transport infrastructure. Accumulated investments volume in water conservancy will compose 1 trillion yuan.
Liberalization processes in a number of industries will be continued, and foreign investors will have more opportunities in Chinese market. Trade strategy will be based on a strategy of boosting import. The tariffs for automobiles and a set of other products will be reduced. The first China Import Expo will be held in November 2018 in Shanghai.
Press-release at the PRC State Council official web-site